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QPG
QPG
QPG - Quantum Property Group Limited - Trading Statement
QUANTUM PROPERTY GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1984/002788/06)
Share code: QPG ISIN: ZAE000125647
("QPG" or "the Company")
TRADING STATEMENT AND RESIGNATION OF DIRECTOR
Trading Statement
In terms of the Listings Requirements of 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 will differ by more than 20%
from the previous corresponding period.
The expected increase in basic and headline loss per share for the six month
period ended 29 February 2012 are primarily attributable to the acquisition of
the remaining 50% of the shares in 15 on Orange Hotel Proprietary Limited (``15
on Orange``) on 1 September 2011, following which 100% of the net loss incurred
in 15 on Orange for the six months under review has been consolidated versus 50%
for the previous period.
A review of the financial results for the six month period ended 29 February
2012 by management has indicated that the basic loss per share is expected to be
between 13.06 and 14.72 cents and headline loss per share is expected to be
between 15.65 and 17.31 cents, compared to the basic and headline loss per share
of 8.27 cents for the six month period ended 28 February 2011.
The hotel industry continued to experience extremely challenging trading
conditions during the period under review, but despite that, there has been an
increase in hotel revenue and occupancy levels compared to the previous
corresponding period. The board of directors of QPG ("the Board") are confident
that the hotel performance will continue to improve. This confidence is driven
in part by the success of the 240-seater multi-use conference centre that opened
in November 2011. The conference centre is enjoying brisk trade and is further
driving occupancy levels.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Company`s auditors. QPG`s financial results are
expected to be released on SENS on or about 15 June 2012.
Resignation of Director
In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited,
the Board hereby notifies its shareholders that Mr Barry Sneech has resigned as
an independent non-executive director with effect from 12 June 2012.
The Board thanks Mr Sneech for his contribution to the Company and wishes him
well in his future endeavours.
Sandton
13 June 2012
Designated Adviser
Merchantec Capital
Date: 13/06/2012 17:50:01 Produced by the JSE SENS Department.
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