| Mon 31 Aug 2009, 17:39 | | QHL - Queensgate - Increase in Shareholding by the Dale Group of Companies and |
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QHL
QHL
QHL - Queensgate - Increase in Shareholding by the Dale Group of Companies and
Associated Dealings in Securities
QUEENSGATE HOTELS AND LEISURE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
Share code: QHL & ISIN code: ZAE000113718
("Queensgate" or "the company")
INCREASE IN SHAREHOLDING BY THE DALE GROUP OF COMPANIES AND ASSOCIATED DEALINGS
IN SECURITIES
Dale Capital Holdings SA (Pty) Ltd ("Dale Capital") and Dale Leisure Holdings
(Pty) Ltd, South African based subsidiaries of Stock Exchange of Mauritius
listed TFG Limited ("TFG") and its associated company Dale Global Holdings
Limited have acquired an additional 345 million shares in Queensgate from
Queensgate Holdings (Proprietary) Limited ("QH"), the controlling shareholder of
Queensgate, at 15 cents per share, amounting to R51 750 000. The purchase price
which is payable in cash (at the instance of the acquirers) and TFG shares is
subject to the approval of the South African Reserve Bank.
The effect of the transaction will increase the equity stake of TFG in
Queensgate Hotels and Leisure to 18% and Dale Leisure Holdings (Pty) Ltd to 12%,
and will not result in a change in control.
As a result of the transaction TFG Limited has extended invitation to Andrew
Hubbard to join the board of TFG Limited, which company has focused on a
strategy to increase investment in the Southern African Hotels and Leisure
sector, through investments in Mauritius and South Africa. TFG Limited has, via
financial services and hotels and leisure subsidiary Dale Capital, invested over
R220 million in two resort projects in both South Africa and Mauritius. These
two projects, one near Grand Baie in Mauritius and the other at Shelley Point on
the Cape West Coast, have been proceeded with on the basis that TFG Limited has
a partner in Queensgate, which has the management and technical expertise in the
leisure sector.
Andrew Hubbard and Holger Friedrichsen are shareholders in QH and, subject to
inter alia, Reserve Bank approval, will become shareholders in TFG. The above
transaction will result in a reduction of indirect beneficial interests through
QH and an increase in indirect beneficial interests through TFG Limited. Norman
Noland holds an interest in TFG Limited and the Dale group of companies.
The extent of the change in beneficial interest of the above three directors
will only be confirmed after approval by the Reserve Bank and is subject to the
final determination of the cash portion by the acquirers and the approval of the
share swap by the Reserve Bank. An announcement in compliance with rules 3.63 -
3.74 of the JSE Listing Requirements, will be published as soon as possible.
Clearance for the above transaction has been obtained in accordance with the JSE
Listings Requirements.
Johannesburg
31 August 2009
Designated Advisor Company Secretary
Arcay Moela Sponsors (Pty) Ltd Arcay Client Support (Pty)
Ltd
Date: 31/08/2009 17:39:01 Produced by the JSE SENS Department.
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