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Queensgate -- cautionary withdrawal and delisting
The board of directors announced 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 (Pty) Ltd., 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 (Pty) Ltd. 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 The previous cautionary announcements are thus withdrawn.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:
- Last day to trade (over the counter) -- 8 February 2013
- Record date -- 15 February 2013
- Termination of listing at commencement of trade -- 18 February 2013
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.
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