CLH - City Lodge Hotels - Proposed Black Economic Empowerment transaction
CLH
CLH
CLH - City Lodge Hotels - Proposed Black Economic Empowerment transaction
City Lodge Hotels Limited
"City Lodge"
(Reg. No. 1986/002864/06)
(Incorporated in the Republic of South Africa)
Share Code: CLH & ISIN Code: ZAE000001483
PROPOSED BLACK ECONOMIC EMPOWERMENT TRANSACTION ("THE BEE TRANSACTION")
Shareholders are referred to the preliminary results announcement dated 16
August 2007 wherein the Company announced its intentions regarding Black
Economic Empowerment ("BEE"). In this regard, City Lodge is pleased to
announce that it has made considerable progress regarding the introduction
of 15% direct black shareholdings in the ordinary share capital of the
Company. By excluding mandated investments, as defined in the Department of
Trade and Industry`s draft amended Codes of Good Practice on BEE ("the
Codes"), from the Company`s existing shareholding structure, it is
envisaged that the transaction will result in City Lodge achieving effective
direct black shareholdings in excess of the Tourism BEE Charter ("Tourism
Charter") 2009 target requirement of 21%.
City Lodge`s BEE initiative aims to embrace the principles of BBBEE
ownership as envisaged by the Codes and the requirements of the Tourism
Charter. City Lodge recognises the importance of its role in the
transformation of the tourism and hospitality sector and its own BEE
Transaction will involve a strategic black partner, a staff component and a
community service grouping.
Shareholders are advised that a further announcement in relation to the BEE
Transaction will be made early in the 2008 calendar year.
Bryanston
21 December 2007
Sponsor
JP Morgan Equities Limited
Date: 21/12/2007 12:00:01 Produced by the JSE SENS Department.
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