News & Publications

Press Releases

Sale of Blazeway Engineering Limited

29 February 2016

Further to the RNS dated 28 January 2016, IPSA (AIM:IPSA), the developer, owner and operator of power generation capacity in South Africa, announces the completion of the sale of Blazeway Engineering Limited ("Blazeway") to Sloane Corporation Limited ("SCL") following satisfaction of the conditions precedent in the sale and purchase agreement.

The transaction constitutes a fundamental disposal under the AIM Rules and consequently IPSA is now regarded as an AIM Rule 15 cash shell, and is required to make an acquisition or acquisitions constituting a reverse takeover under the AIM Rules within the next 6 months.

 

Read more: Sale of Blazeway Engineering Limited

Result of General Meeting

16 February 2016

Further to the announcement on 28 January 2016, IPSA announces that at the General Meeting of IPSA shareholders held today the resolution to approve the disposal of its 100 per cent. Interest in its subsidiary Blazeway Engineering Limited ("Blazeway") (the UK holding company which owns Newcastle Cogeneration Proprietary Limited ("NewCogen")) to Sloane Corporation Limited ("SCL") was duly passed.

The sale of Blazeway to SCL remains subject to a number of conditions precedent including approval being granted by the Industrial Development Corporation of South Africa ("IDC") under the terms of the loan agreement between NewCogen and IDC, as well as the approval of certain other of IPSA's creditors to the assumption by SCL of £1,866,000 of indebtedness of the Company.

Read more: Result of General Meeting

Outcome of Hearing in Malaysia

4 February 2016

 

IPSA announces that the adjourned hearing took place yesterday in the Federal Court of Malaysia of the final appeal brought by Iris Eco Power Sdn Berhad ("Iris") to allow the Malaysian courts to have jurisdiction over the case for the return of the non-refundable deposit paid in Iris's aborted purchase of the two 701DU turbines.  Iris's appeal was rejected bringing to a close any further attempts by Iris to seek jurisdiction  in the Malaysian courts over the case for the return of the deposit, which was non-refundable under English law.

Read more: Outcome of Hearing in Malaysia

Proposal for Disposal of Assets and Notice of General Meeting

1 February 2016

Further to the announcement dated 28 January 2016, IPSA announces that it has today posted a circular to shareholders of the company, outlining the rationale behind the Disposal and calling a General Meeting of shareholders.

The General Meeting will be held at the offices of WH Ireland Limited at 24 Martin Lane, London EC4R 0DR at 2.30 p.m. on 16 February 2016. The circular will shortly be made available for review on the Company’s website at www.ipsagroup.co.uk/investors 

For further information contact:

Mark Otto, Acting CEO

IPSA Group PLC

+27 (84) 219 2000

James Joyce / James Bavister

W H Ireland Ltd

+44 (0) 20 7220 1666

Riaan van Heerden,

PSG Capital (Pty) Ltd.

+27 (0) 21 887 9602

 

Download full RNS announcement

Sale of Blazeway Engineering Limited and Settlement of Certain Major Creditors

28 January 2016

 

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in South Africa, announces that it has agreed to sell Blazeway Engineering Limited ("Blazeway") to Sloane Corporation Limited ("SCL") subject to the satisfaction of conditions precedent including the approval of the transaction by the Company's shareholders. Blazeway is the UK holding company, which owns Newcastle Cogeneration Proprietary Limited ("NewCogen"), the Company's operating subsidiary in South Africa.

Read more: Sale of Blazeway Engineering Limited and Settlement of Certain Major Creditors

Change of Registered Address and Update on Financial Results

21 December 2015

IPSA, the developer, owner and operator of power generation capacity in Southern Africa, announces that the Company has changed its registered office and business address to: 30 Crown Place, Earl Street, London EC2A 4ES.

Read more: Change of Registered Address and Update on Financial Results

Trading update 27.11.2015

27 November 2015

IPSA, the AIM and Altx dual listed independent power plant developer that owns and operates the combined heat and power plant in Newcastle, KwaZulu Natal, Southern Africa (“Newcogen”), wishes to announce that mechanical failure has occurred to gas turbine no 2 at Newcogen. This will result in reduced output of 5MW until repairs can be effected. The cost of repairs is estimated at £300,000. An insurance claim has been lodged. The timing of repair to the turbine will be dependent upon the insurance claim being settled. The Company intends to replace the core of the turbine initially with a leased unit, which will return the turbine to service within a month.

In the interim, the Company’s working capital remains extremely tight and the Company is reliant on the forbearance of creditors whilst the repairs are completed.

Read more: Trading update 27.11.2015

Notification of Adjournment of Iris Appeal

5 November 2015

IPSA, the AIM and Altx dual listed independent power plant developer with operations in Southern Africa, announces that Iris Ecopower Sdn Berhad ("Iris") has requested an adjournment of its application for leave to appeal the earlier decisions of the Malaysian courts refusing jurisdiction of the Malaysian courts over the caseover the non-refundable deposit for the failure of Iris to complete the purchase of turbines in 2012.  A new date of 3rd February 2016 has been set for the hearing.

 

Read more: Notification of Adjournment of Iris Appeal

Notification re Sterling Trust Limited

20 October2015

IPSA, the AIM and Altx dual listed independent power plant developer with operations in Southern Africa, announces that Sterling Trust Limited, which holds 31,794,105 million shares in the capital of the Company being 29.57 per cent of the issued share capital was placed in administration yesterday. Christopher Benjamin Barrett and John Allan Carpenter of Dow Schofield Watts Business Recovery LLP have been appointed administrators of Sterling Trust Limited.

Read more: Notification re Sterling Trust Limited

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