QHL
QHL
QHL - Queensgate - Trading Statement
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")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are
required to publish a trading statement as soon as they become reasonably
certain that the financial results for the period to be reported on next will
differ by more than 20% from the results of the corresponding prior period.
Shareholders are accordingly advised that the loss per share and headline loss
per share of Queensgate for the six months ended 28 February 2010, is expected
to be between (18.14) and (22.18) cents per share and (2.06) and (2.52) cents
per share respectively when compared to a earnings and headline eanings per
share of 0.78 cents per share for the prior corresponding six month period
ended 28 February 2009.
The variance is mainly due the poor trading and economic environment in which
Queensgate has operated over the last 12 months. In addition, the variance
also relates to the recent cancellation of certain major leases some of which
were held with Queensgate Holdings Limited, an associate and major shareholder
in Queensgate, which cancellation has had a direct major impact on Queensgate.
The cancellation of such leases has resulted in a decision by the directors to
impair goodwill and unwind the prepaid operating lease asset through the
statement of comprehensive income.
As announced on 26 February 2010, the board of Queensgate has appointed a
Steering Committee, together with Mr Colin Human as the Executive Chairman and
Mr Deon van Rooyen as a Strategic Director (acting as Financial Director), to
address the current matters affecting Queensgate.
Shareholders will be kept up to date with any further developments relating to
the Company.
The content of this announcement has not been reviewed by or reported on by
the Company`s auditors.
Cape Town
2 March 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 02/03/2010 17:06:02 Produced by the JSE SENS Department.
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