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A look at some of the major movers in London on Tuesday
Shefa Gems Ltd (LON:SEFA), up 56% at 3.5p, had a sparkling day after it announced a sharp change of direction.
Previously the company has been focused on exploration and development of multi-gemstone mining projects in Israel but it wants to distribute the company's current mining business to all of the company's existing shareholders via a dividend in specie, raise news funds and look for acquisitions in the web technology and software sector.
"This combined transaction we are asking shareholders to approve … is the result of lengthy negotiations, which were carried out under a number of key objectives, including both the benefits for the company and its shareholders (including, promoting profitability and new opportunities in a rising sector using the Israeli innovation opportunities, closing burdensome liabilities, cutting costs, and also preserving the shareholders' holdings in the gem mining in Israel,” said Tali Shalem, the chief executive officer of Shefa Gems.