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QUEENSGATE HOTELS & LEISURE LIMITED - Resignation of Directors,withdrawal of previous cautionary & salient dates for termination of the listing

Release Date: 31/01/2013 17:06
Code(s): QHL     PDF:  
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Resignation of Directors,withdrawal of previous cautionary & salient dates for termination of the listing

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’)


RESIGNATION OF DIRECTORS, WITHDRAWAL OF PREVIOUS CAUTIONARY
ANNOUNCEMENTS AND SALIENT DATES FOR THE TERMINATION OF THE LISTING
OF THE COMPANY


In compliance with section 3.59 of the JSE Listings Requirements,
the board of directors announces the resignations of Messrs JC
Human, DC Ducasse, KD Morison and MH Weetman, with effect from 23
January 2013.

The Company effectively became a shell in 2010 after the granting
of a provisional winding-up order of Queensgate Leisure Holdings
Proprietary Limited, a wholly owned subsidiary of Queensgate,
handed down by the Western Cape High Court on 13 April 2010.
Whilst the Company still had some small operations in Queensgate
Business Development Proprietary Limited at the time, the then
directors of the Company requested the voluntary suspension of
trade in the Company’s securities with effect from 15 April 2010.

The board would like to advise shareholders that negotiations with
a major creditor in terms of a debt conversion agreement were
unsuccessful and the Company is thus unable to finalise the
acquisitions   previously  announced.   The  previous   cautionary
announcements are thus withdrawn.

Accordingly, the Company is unlikely to be able to inject suitable
assets in order to qualify for a listing in accordance with the
JSE Listings Requirements and the Company has applied to the JSE
to terminate the listing of the Company.

Salient dates for the termination of the listing are set out
below:

                                                              2013
Last day to trade (over the counter)                    8 February
Record date                                            15 February
Termination of listing at commencement of trade        18 February

No offer will be made to minorities as a result of the termination
of the listing of the Company’s securities on the Johannesburg
Stock Exchange.

Johannesburg
31 January 2013

Designated Advisor
Arcay Moela Sponsors (Pty) Ltd

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