QHL - Queensgate - Changes To The Board Of Directors And Renewal Of
QHL
QHL
QHL - Queensgate - Changes To The Board Of Directors And Renewal Of
Cautionary Announcement
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")
CHANGES TO THE BOARD OF DIRECTORS AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the SENS announcements of 26 February 2010 and 2
March 2010, and are further advised in terms of rule 3.59 of the Listings
Requirements of the JSE Limited, of the following changes to the board of
directors of the Company:
1. Mr. Andrew Hubbard has resigned as chief executive officer of the
Company, and all of its subsidiaries, effective 3 March 2010; and
2. Mr. Holger Friedrichsen has resigned as an executive director of the
Company, and all of its subsidiaries, effective 3 March 2010.
The aforementioned changes to the board are to avoid any potential conflict
of interests that may arise in future and to facilitate any future
restructuring that may be required by the Company.
The current remaining executive directors, namely, Messrs Colin Human and
Deon van Rooyen, will assume full responsibility for the executive management
of the Company and its subsidiaries together with the assistance of the task
team comprising of strategic shareholders and role players in the Company.
The aforementioned task team has engaged with key stakeholders and executive
management of the Company during the past two weeks and will engage with
third parties and potential future role players to formulate a strategy that
may include a restructure of the Company. Such strategy will be presented to
shareholders in due course.
Shareholders are further advised to continue to exercise caution in the
trading of Queensgate shares on the JSE until a further announcement is made.
Cape Town
5 March 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 05/03/2010 09:57:02 Produced by the JSE SENS Department.
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