| Fri 26 Feb 2010, 11:07 | | QHL - Queensgate - Further Update To Shareholders |
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QHL
QHL
QHL - Queensgate - Further Update To Shareholders
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")
FURTHER UPDATE TO SHAREHOLDERS
Further to the SENS announcement of 19 February 2010, shareholders are hereby
advised that certain leases held by Queensgate Holdings Limited, an associate
and major shareholder in Queensgate, have been cancelled during the course of
January and February 2010. In order to investigate the basis of the cancellation
and the impact, including the financial impact, of such cancellation on the
Company, the board has established a Steering Committee, comprising executive
and non-executive directors of Queensgate.
Furthermore, Mr. Colin Human, the current non-executive Chairman of Queensgate,
has been appointed on an interim basis, as the Executive Chairman of Queensgate
with immediate effect. Mr. Deon van Rooyen has also been appointed on an
interim basis, as an executive Strategic Director (acting as the Financial
Director) of Queensgate, with immediate effect. Such appointments will provide
the existing board and in particular the Steering Committee with guidance and
expertise in addressing the aforementioned matters.
The board is aware of the urgency in trying to determine the basis and impact of
the aforementioned matters on stakeholders and the Steering Committee and
executive board members are currenty involved in the process of finalising the
matter. A further detailed announcement will be provided to shareholders as
soon as is practically possible to do so by the board.
Shareholders are referred to the last cautionary announcement of 19 February
2010 and are advised to continue exercising caution in the trading of Queensgate
shares on the JSE, until a further announcement is made.
Cape Town
26 February 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 26/02/2010 11:07:03 Produced by the JSE SENS Department.
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