| Wed 7 Jan 2009, 17:05 | | QHL - Queensgate` - Acquisition Of Queensgate Busi |
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QHL
QHL
QHL - Queensgate` - Acquisition Of Queensgate Business Development (Proprietary)
Limited ("Qbd") - Results Of General Meeting
QUEENSGATE HOTELS AND LEISURE LIMITED
(Formerly Cyberhost Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
Share code: QHL ISIN code: ZAE 000113718
(`Queensgate` or `the Company`)
ACQUISITION OF QUEENSGATE BUSINESS DEVELOPMENT (PROPRIETARY) LIMITED ("QBD") -
RESULTS OF GENERAL MEETING
The directors are pleased to advise that, at the general meeting of Queensgate
held on Wednesday, 7 January 2009, at the registered office of the company,
Arcay House II, Number 3 Anerley Road, Parktown, Johannesburg, all the
resolutions presented in the notice of the general meeting relating to the
acquisition of 100% of the issued share capital in QBD from Queensgate Holdings
(Proprietary) Limited ("QH") were passed unanimously.
The purchase consideration of R75 million will be settled by the issue of 375
000 000 new ordinary shares in Queensgate at 20 cents per share.
QBD`s turnover is derived from property developments specifically for the
leisure industry. QBD purchases, leases and/or refurbishes buildings in the
leisure industry, which buildings are then sold to third parties, primarily
property funds, both locally and internationally.
The directors of Queensgate believe that QBD has secured a niche market for
itself and that it has been able to and will continue to charge its development
and/or refurbishment fees based on the value added to the real estate by virtue
of such development, redevelopment or refurbishment, even in cases where QBD do
not physically take ownership of the real estate involved. As a result QBD will
access profits exceeding margins achieved by traditional property development
managers.
The development of the leisure business has resulted in the creation of business
development opportunities for other leisure players in South Africa as well as
the creation of much needed sustained employment opportunities in the leisure-
tourism industry.
QBD has already established itself in providing European investment
opportunities in the leisure property market in South Africa.
The company will prepare and publish a reviewed profit forecast during February
2009.
Johannesburg
7 January 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary)
Limited
Date: 07/01/2009 17:05:24 Produced by the JSE SENS Department.
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