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Johannesburg - Queensgate Hotels and Leisure announced on Monday that it has signed a formal agreement for a R50m standby equity facility with US based investment fund YA Global Master SPV.
The facility, which is the second such facility to be negotiated by a South African company, will be in place for 36 months and provide Queensgate with the flexibility to access significant liquidity, through the issue of new company shares, at its sole discretion.
Under the terms of the agreement, Queensgate is entitled to offer newly issued Queensgate shares for up to a total value of R50m and in turn Yorkville will be obliged to subscribe for and purchase these new shares.
The Queensgate shares will be issued in limited tranches subject to the terms and conditions of the agreement.
Yorkville's purchase price will be calculated based on the current market price of the Queensgate shares.
Any new Queensgate shares issued in terms of the facility will be issued under the company`s existing General Authority to issue shares for cash approved by shareholders at the last AGM on 10 February 2009 and will be subject to the renewal of the general authority over the 36 month period.
- I-Net Bridge