QHL - Queensgate Secures R50 Million Standby Equity Facility
QHL
QHL
QHL - Queensgate Secures R50 Million Standby Equity Facility
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")
QUEENSGATE SECURES R50 MILLION STANDBY EQUITY FACILITY
Queensgate is pleased to announce that it has successfully negotiated and signed
a formal agreement for a R50 million standby equity facility with US based
investment fund YA Global Master SPV, Ltd ("Yorkville").
The facility, which is the second such facility to be negotiated by a South
African company, will be in place for 36 months and provide Queensgate with the
flexibility to access significant liquidity, through the issue of new Company
shares, at its sole discretion.
Under the terms of the agreement, Queensgate is entitled to offer newly issued
Queensgate shares for up to a total value of R50 million and in turn Yorkville
will be obliged to subscribe for and purchase these new shares. The Queensgate
shares will be issued in limited tranches subject to the terms and conditions of
the agreement. Yorkville`s purchase price will be calculated based on the
current market price of the Queensgate shares.
Any new Queensgate shares issued in terms of the facility will be issued under
the Company`s existing General Authority to issue shares for cash in terms of
the JSE Limited Listings Requirements approved by shareholders at the last
Annual General Meeting on 10 February 2009 and will be subject to the renewal of
the general authority over the 36 month period.
Cape Town
18 September 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Corporate Advisor
Spirit Capital (Proprietary) Limited
Date: 21/09/2009 08:00:01 Produced by the JSE SENS Department.
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