News & Publications

Press Releases

Corporate Update

30 September 2015

 

Further to its announcement of 20 August 2015, regarding the payment of sums due to Ethos Energy Italia ("Ethos"), the Company confirms a further sum of approximately Euros 340,000 has been paid by Rurelec PLC on behalf of IPSA Group PLC thereby further reducing the sum outstanding to Ethos already due to approximately Euros 1,515,000. Discussions over the timing of this balance continues between the parties with no set schedule.

As previously announced a further sum of approximately Euros 2.6m is also due to Ethos by today's date.

The Company remains reliant on the forebearance of Ethos in relation to these amounts as there has been no formal extension.

Read more: Corporate Update

Statement re Suspension

24 September 2015


The Company announces that it will be unable to publish its financial statements for the year ended 31 March 2015 by 30 September 2015 as required by the Aim Rules for Companies. Consequently it's shares have been suspended pursuant to AIM Rule 19, pending publication of its Annual Report and Accounts.

For further information contact:

Mark Otto, Acting CEO, IPSA Group PLC
+44 (0) 7793 5615

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

Notice of Temporary Suspension of Trading on AIM

NOTICE

24/09/2015 12:30pm

TEMPORARY SUSPENSION OF TRADING ON AIM

IPSA GROUP PLC

Trading on AIM for the under-mentioned securities has been temporarily suspended from 24/09/2015 12:30pm, pending publication of the company's annual audited accounts.

Ordinary Shares of 2p each, fully paid (B0CJ3F0) (GB00B0CJ3F01)

If you have any queries relating to the above, please contact the company's nominated adviser on 020 7220 1666.

Update re Installation of gas Engines

16 September 2015

The Directors of IPSA, the owner, operator and developer of power generation capacity in South Africa, announce that completion of the installation of the two Jenbacher gas engines announced on 5th June 2015 is delayed for some weeks due to delivery dates on certain long lead items. The directors currently anticipate that the engines will be ready to enter into commercial operations by the year end. A further announcement will be made in due course.

Read more: Update re Installation of gas Engines

Change of Registered Address - Registered Office

24 August 2015

 

IPSA Group PLC (AIM: 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: 7th Floor, North Tower, 55 Baker Street, London W1U 8EW.

Read more: Change of Registered Address - Registered Office

Further Update re Settlement of Funds and Iris

20 August 2015

 

IPSA, the owner, operator and developer of power generation capacity in South Africa, announces that further to its announcements of 20 July 2015 and 30 July 2015, a sum of €1 million of the outstanding balance due to Ethos Energy has been paid by Rurelec PLC ("Rurelec") on behalf of the Company and that a proposal has been received from Rurelec regarding the timing of the further payments still due to IPSA. Rurelec proposes to pay to Ethos Energy a further €1.5 million before the end of September 2015 and the balance of approximately €355,000 by the end of October 2015. These sums will constitute further payments to IPSA of deferred consideration still outstanding under the agreement dated 10 June 2013 for the disposal of the Company's two remaining Siemens Westinghouse 701 DU gas turbines to Rurelec. This proposal has been referred to Ethos Energy for its review and consideration.


The remaining balance of deferred consideration has been further reduced since the announcement on 30 July 2015 by sums advanced to IPSA from Rurelec and amounts owed by IPSA to Rurelec. Subject to Rurelec settling the amounts referred to above to Ethos Energy the remaining balance due from Rurelec amounts to approximately £265,000 and is expected to be received before the end of October 2015.

Read more: Further Update re Settlement of Funds and Iris

Board Changes and Update re Settlement of Funds

30 July 2015

 

The Directors of IPSA, the owner, operator and developer of power generation capacity in South Africa, announce the resignation of its Acting CEO, Peter Earl, and Finance Director, Elizabeth Shaw. Mark Otto, the Chief Operating Officer, has been appointed as new Acting CEO for an interim period. The resignations follow discussions with Rurelec PLC, which is now in funds to pay part of the monies owed by it to IPSA and in particular make payment on IPSA's behalf of the initial amount now due  to Ethos Energy of €2.85 million by 31 August 2015. A further sum of €2.6m is due to Ethos Energy by 30 September 2015. IPSA is in discussion with Radix Investments Limited in relation to either an extension or a refinancing of the loan of £500,000 and interest owed under that loan. Rurelec has also agreed to pay shortly a further sum of £300,000 to IPSA with the remaining balance of approximately £585,000 owed by Rurelec to be paid thereafter.

 

Read more: Board Changes and Update re Settlement of Funds

Replacement: Update re Settlement of Funds

20 July 2015

The following amendment has been made to the 'Update re Settlement of Funds and Operations' announcement released on 20 July 2015 at 7:00 am under RNS Number 4506T.

The amount now due to the Company's principal creditor, Ethos Energy, is €2.85 million.

All other details remain unchanged, the full amended text is shown below.

Update re Settlement of Funds owed by Rurelec PLC and Operational update

IPSA notes the announcement made on 17 July 2015 by Rurelec PLC regarding the completion of the sale of its stake in the Canchayllo hydroelectric plant in Peru. Since the update on 2 March 2015 regarding the deferred consideration owed by Rurelec , Rurelec has made an interim payment to the Company's main creditor, Ethos Energy, on behalf of IPSA so that the residual amount of the deferred consideration still owed to IPSA from the sale of the Westinghouse Siemens gas turbines to Rurelec is now £2.91 million. The Company is in discussion with Rurelec regarding the timing of the receipt of this balance although there is no clarity yet on the timing of it.

Read more: Replacement: Update re Settlement of Funds

Update re Settlement of Funds owed by Rurelec PLC and Operational update

20 July 2015

IPSA notes the announcement made on 17 July 2015 by Rurelec PLC regarding the completion of the sale of its stake in the Canchayllo hydroelectric plant in Peru. Since the update on 2 March 2015 regarding the deferred consideration owed by Rurelec , Rurelec has made an interim payment to the Company's main creditor, Ethos Energy, on behalf of IPSA so that the residual amount of the deferred consideration still owed to IPSA from the sale of the Westinghouse Siemens gas turbines to Rurelec is now £2.91 million. The Company is in discussion with Rurelec regarding the timing of the receipt of this balance although there is no clarity yet on the timing of it.

Read more: Update re Settlement of Funds owed by Rurelec PLC and Operational update

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