| Wed 14 Apr 2010, 16:22 | | QHL - Queensgate Hotels And Leisure - Update To Shareholders |
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QHL
QHL
QHL - Queensgate Hotels And Leisure - 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")
UPDATE TO SHAREHOLDERS
Shareholders are hereby advised that an order provisionally winding-up
Queensgate Leisure Holdings (Proprietary) Limited ("Queensgate Leisure"), a
wholly owned subsidiary of Queensgate, was handed down in the Western Cape High
Court on 13 April 2010. The order was granted at the instance of Mvelaphanda
Holdings (Pty) Limited ("Mvelaphanda") and Investec Bank Limited ("Investec").
Mvelaphanda contends for a claim against Queensgate Leisure of approximately
R67,629,904 whereas Investec contends for a claim of approximately R30,107,641
against Queensgate Leisure. Queensgate Leisure did not oppose the application.
The return day upon which it is anticipated a final winding-up order will be
granted is Tuesday, 25 May 2010.
Queensgate Leisure as previously reported, for the year ended 31 August 2009,
contributed a loss of R 29,8 million to Queensgate`s overall loss attributable
to shareholders of R3,2 million. The loss was mainly as a result of the
worldwide financial and market pressures that constrained both growth and
tourist volumes in Queensgate Leisure. Queensgate Business Development (Pty)
Limited, a wholly owned subsidiary of Queensgate, continued to flourish in this
period and contributed a profit attributable to shareholders of R26,6 million
for the year ended 31 August 2010.
Shareholders will be advised in due course of the impact (including financial
effects) of the provisional winding-up order by the court on the Company.
Shareholders are further referred to the SENS announcement on 12 March 2010,
regarding the application for the provisional winding-up order of Queensgate
brought by Salvobyte (Pty) Ltd, which contends for a claim of an amount of R210
081. The Company has opposed the application, which has been postponed until
Monday, 14 June 2010.
Further to the SENS announcement of 6 April 2010, shareholders are advised to
continue to exercise caution in trading of Queensgate shares on the JSE Limited
until a further announcement is made.
14 April 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 14/04/2010 16:22:01 Produced by the JSE SENS Department.
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