Company Data
| Last traded |
R0.01 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
0 |
| Market cap |
R18.09m |
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The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Cape Town - Queensgate Hotels and Leisure [JSE:QHL], which was looking to score from 2010 Fifa World Cup business, has plunged deep into the red in the six months ended February.
On Tuesday, Queensgate - which has links with a number of Cape-based hotels and boasts Mvelaphanda Holdings as a major shareholder - issued a trading statement that forecast a loss of between 18 cents per share and 22c/share.
Headline losses would range between 2c/share and 2.5c/share.
Queensgate directors cited poor trading and the economic environment as reasons for the performance.
They also noted that the performance was affected by the recent cancellation of certain major leases, purportedly involving Queensgate flagship interest in the Radisson Hotel which lies adjacent to the Green Point Soccer Stadium in Cape Town.
Although the trading statement reiterated the leases were held with Queensgate Holdings Limited, an associate and major shareholder in Queensgate, no reasons were provided for the cancellation.
Directors added that the cancellation of the leases meant Queensgate needed to impair goodwill and unwind the prepaid operating lease asset through the income statement.
Queensgate now appears to be guided by a steering committee comprising chairperson Colin Human and strategic director Deon van Rooyen, but the trading statement did not clarify the roles of CEO Andrew Hubbard and financial director Holger Friedrichsen.
Hubbard and Friedrichsen recently handed over millions of shares to Hospitality Property Fund and Exhibition Building Investments. These shares were pledged as security over leases.
Queensgate shares are currently bid at 1c and offered at 2c. The company's shares reached an annual high of 35c in April last year.
- Fin24.com