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Press Releases

Audited Results for year ended 31 March 2015

15 March 2016

IPSA, the AIM and AltX listed independent power plant developer with operations in southern Africa, today announces its audited results for the year ended 31 March 2015.

Highlights:

  • Revenue of £3.6 million (year to 31 March 2014 - £3.7 million)
  • Group loss after tax of £6.9 million (year to 31 March 2014 - £0.4 Profit)
  • Plant gross loss of £4.6 million (year to 31 March 2014 - £1.0 million loss)
  • Plant operating loss £4.8 million (year to 31 March 2014 - £1.6 million loss)
  • Post balance sheet disposal of all subsidiaries for total consideration of £1.9m

The accounts have been prepared on a “going concern” basis resulting in an adverse opinion from the auditors due to a differing view than that of the directors.  The Company is reliant on the forbearance of its creditors whilst it seeks to realise its assets being principally the balance of plant held for sale and its receivable from Rurelec PLC. Whilst there is no formal agreement with the Group’s principal creditor Ethos Energy or any other creditor for a moratorium on the amounts now due the board believes it will be able to realise sufficient proceeds from the sale of its assets and realisation of its debtors due to repay all of its creditors. However there can be no certainty that this will be the case and the risk remains that should this not be achievable in the time required that the Company may need to apply for administration.

Read more: Audited Results for year ended 31 March 2015

Directorate Change

01 March 2016

The Directors of IPSA are pleased to announce the appointment of Peter Richard Stephen Earl as an Executive Director, with immediate effect.

Peter Earl (aged 61) began his career at the Boston Consulting Group Inc. advising state-owned companies. He has advised governments on privatisations in Latin America and Eastern Europe having served as Deputy Chairman for the United Nations Economic Commission for Europe infrastructure finance group. He became a director of Fieldstone Private Capital Group in London in 1994 where he advised on cross-border power sector acquisitions and bids totalling approximately US$6 billion, involving 5,000 MW of installed generating capacity. In 1995 he founded Independent Power Corporation PLC. He was a founding director of Rurelec PLC in 2005. Peter was formerly a Director of IPSA, he left the board in July 2015.

Peter owns 250,000 shares in IPSA, representing approximately 0.23 per cent. of the Company's issued share capital.

Read more: Directorate Change

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

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