News & Publications

Press Releases

Claim by Iris Eco Power Sdn Berhad

21 November 2013

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, today announces that Iris Ecopower Sdn Berhad ("Iris"), the Malaysian company with which it entered into a contract to sell two of its Siemens Westinghouse turbines in October 2012, has issued a claim against IPSA in the Malaysian courts for the recovery of US $3.1 million paid by way of deposit to IPSA plus costs and consequential losses amounting to approximately US $9.8 million in total.  Iris failed to pay IPSA the balance of the consideration due, in spite of being granted time extensions by IPSA, and the deposit was forfeited in accordance with the terms of the contract signed by Iris and IPSA. The contract is governed by English law.  Based on legal advice previously obtained, the Board of IPSA considers the claim to be entirely without merit.  The board is taking further legal advice on this matter.

Read more: Claim by Iris Eco Power Sdn Berhad

Addition of New Generation Capacity in South Africa

21 November 2013

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, today announces that, as part of its further expansion plans, its Newcastle Cogeneration subsidiary ("NewCogen") has entered into a contract to acquire two high efficiency Jenbacher 616 gas engines of 2 MW capacity each which, allowing for de-rating due to site conditions in Newcastle, KZN, will provide an additional 3.8 MW of capacity for selling power under NewCogen's existing MTPPP power contract with Eskom.

Read more: Addition of New Generation Capacity in South Africa

Appointment of Director - 1 October 2013

1 October 2013

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces the appointment as a Director of Mark Christopher Otto, a South African as part of the Company's strategy to focus on South Africa.

Read more: Appointment of Director - 1 October 2013

Result of AGM 2013

30 September 2013

IPSA PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that resolutions 1 to 6 put to shareholders at the Company's Annual General Meeting ("AGM") held earlier today were duly passed, and that resolution 7 was not passed. 

Read more: Result of AGM 2013

Notice of Annual General Meeting & Posting of Annual Report and Accounts

9 September 2013

IPSA PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces today that the Annual General Meeting of the Company will be held on Monday, 30 September 2013, at 10.30 a.m., at IPSA Group PLC, 5th Floor, Prince Consort House, 27-29 Albert Embankment, London SE1 7TJ. A number of resolutions will be put to shareholders.

Read more: Notice of Annual General Meeting & Posting of Annual Report and Accounts

Audited Results for the year ended 31 March 2013

6 September 2013

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 2013.

Highlights:

  •         Revenue of £4.3 million (year to 31 March 2012 - £4.4 million)
  •         Group loss after tax of £1.9 million (year to 31 March 2012 - £5.6 million profit, including  £6.1m exceptional profit on sale of 2 turbines)
  •         Plant gross loss of £0.9 million (year to 31 March 2012 - £0.1 million loss)
  •         Plant operating loss £1.7 million (year to 31 March 2012 - £0.9 million loss)

 

Read more: Audited Results for the year ended 31 March 2013

Change of NOMAD

12 August 2013

IPSA PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces the appointment of WH Ireland Limited as Nominated Adviser and sole Broker to the Company with immediate effect.

Read more: Change of NOMAD

Trading Update

2 August 2013

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, is pleased to announce that NewCogen, the Company's wholly owned generation subsidiary, has acquired a Deutz gas fired engine of 1.3 MW which is due to be installed at the Newcastle site by the end of October and which will operate under the existing MTPPP contract with ESKOM. This is the first new capacity at Newcastle since the original plant was commissioned in 2007.

Furthermore, NewCogen is in advanced discussions for installing up to 8MW of gas engines through a co-operation agreement with a third party willing to bring its own funding for the expansion. Through these and other programmes in development, NewCogen and IPSA will be well positioned to respond positively to the recently issued Request for Registration and Interest issued by the Department of Energy to which IPSA responded on the 12 July 2013, with new capacity capable of being installed within the next 18 months.

Read more: Trading Update

Board Changes

3 July 2013

IPSA PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces a number of changes to its board of directors following the recent sale of its last two Siemens Westinghouse 701 gas turbines.

Read more: Board Changes

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