| Wed 26 Oct 2011, 11:00 | | QHL - Queensgate Hotels and Leisure Limited - Restructure of the board of |
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QHL
QHL
QHL - Queensgate Hotels and Leisure Limited - Restructure of the board of
directors and refocus of the business
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")
RESTRUCTURE OF THE BOARD OF DIRECTORS AND REFOCUS OF THE BUSINESS
In compliance with section 3.59 of the Listings Requirements of the JSE Limited,
the board is pleased to announce the appointment of the following executive
directors with effect from 31 October 2011:
Mr Daryl Charles Ducasse (Chief Executive Officer)
Mr Kenneth Dreyer Morison (Financial Director)
Mr Jack Colin Human will change his role from executive chairman to non-
executive chairman. Messrs Andrew John Hubbard and Holger Gunther Boy
Friedrichsen have resigned from the board with effect from 31 October 2011.
The board would like to thank Andrew and Holger for their service over the
years, on-going support and commitment to Queensgate and facilitating the recent
change in direction of the Company.
The new appointees to the Board have been made pursuant to the Company signing
an asset management agreement, which will involve, inter alia, the refocus and
recapitalisation of Queensgate into profitable and cash flow generating
activities, details of which will be announced in due course. The initial focus
will be bringing the Company back up to date in terms of various compliance
matters.
Brief profiles of the new appointees are outlined below.
Daryl Charles Ducasse
As a commercial property practitioner with more than 22 years of trading,
transaction advisory, finance and banking experience, Daryl is dedicated to the
creation and preservation of client and shareholder wealth. He is an active
equities, warrants and futures trader, with a keen focus on energy and
resources. Daryl is responsible for overseeing the restructuring of Queensgate,
and driving the implementation of strategy, transactions and growth. He serves
on the board of Continuiti Real Estate Asset Management (Pty) Ltd and is a
member of Merkurius Capital Solutions CC, a private client consulting firm.
Kenneth Dreyer Morison ("Ken") B.Com, ACA, CA (SA)
Ken completed his articles with Coopers & Lybrand and went on to become the
Group Financial Director for TrenTyre (Pty) Ltd, a wholly owned subsidiary of
NYSE listed GoodYear Tire & Rubber Co. He is a member of the South African
Institute of Chartered Accountants, as well as the Institute of Chartered
Accountants of England and Wales. Ken holds positions in a number of property
owning companies, and is currently a director of Continuiti Real Estate Asset
Management and a member of Merkurius Capital Solutions CC. Ken`s contributions
to Queensgate comprise financial management and reporting, systems efficiency,
improving profitability and overseeing transaction feasibilities.
Johannesburg
26 October 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 26/10/2011 11:00:02 Produced by the JSE SENS Department.
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