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QPG - Quantum Property Group Limited - Trading Statement

Release Date: 13/06/2012 17:50
Code(s): QPG
Wrap Text

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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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