News & Publications

Press Releases

Refinancing of Standard Bank Loan

27 March 2013

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, advises shareholders that the Company has obtained a new short term loan in the amount of £4.2m and used the proceeds to repay all of the Company's secured bank debt which has for some time been in default, and where the consent of the bank has been required before a sale of its two remaining W701 DU gas turbines (the "Turbines") could be completed. The Company will benefit from this new funding arrangement, which allow time to achieve a sale of the Turbines.

Read more: Refinancing of Standard Bank Loan

Update re Sale of Turbines - 1 March 2013

1 March 2013

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, advises shareholders that the sale of the two turbines to Iris Eco Power Sdn BHD ("Iris") announced on 15 October 2012, and originally due to complete in November 2012, has now been abandoned.  Iris did not complete the purchase by 28th February, as required by the IPSA Board.  

 

Read more: Update re Sale of Turbines - 1 March 2013

Update re Sale of Turbines

15 February 2013

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, advises shareholders that the sale of the two turbines to Iris Eco Power Sdn BHD ("Iris") announced on 15 October 2012 and originally due to complete in November 2012, has not yet occurred. No firm date for completion has as yet been offered by or agreed with Iris. 

Read more: Update re Sale of Turbines

Update re Sale of Turbines

14 January 2013

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, notes the recent movement in its share price and advises shareholders that the situation in relation to the sale of the two turbines to Iris Eco Power Sdn BHD ("Iris") remains the same as described in the announcement dated 18 December 2012: an extension was requested by Iris in December 2012 which the Company's principal creditors have not yet given their consent to formalise.  In the meantime, Iris continues to make efforts to complete the purchase of the turbines as planned.  

Read more: Update re Sale of Turbines

Update on Sale of Turbines

18 December 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, announces that, further to the announcement of 19 November 2012 relating to the sale of its remaining two W701 DU gas turbines to Iris Eco Power Sdn Bhd (the "Buyer"), the Buyer is seeking an extension of the turbine sale agreement to 15 January 2013. 

The Company is considering this, and advises shareholders that any such extension will be subject to the approval of Standard Bank and Turbo Care, with the current position being that the closing of the transaction should be completed as soon as possible in any case.

Unaudited Results for the 6 month period ended 30 September 2012

29 November 2012

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces its unaudited interim results for the 6 month period ended 30 September 2012.

Highlights:

  • Revenue of £2.5m (2011 - £1.9m) comprising electricity sales of £2.1m (2011 - £1.7m) and steam sales of £0.4m (2011 – £0.2m)
  • Group after tax loss of £1.3m (2011 - £2.6m loss)
  • As announced on 19 November, contracts for the sale of the remaining 2 turbines have been exchanged at a gross price of US$31.0m

Read more: Unaudited Results for the 6 month period ended 30 September 2012

Sale of Turbines to Iris Eco Power Sdn Bhd

19 November 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, announces that it has now exchanged contracts for the sale of its two remaining Siemens Westinghouse 701 DU gas turbines to Iris Eco Power Sdn Bhd, a Malaysian power development company, for a consideration of US$31 million, as first announced on 15 October 2012.

Read more: Sale of Turbines to Iris Eco Power Sdn Bhd

Holding in Company

17 October 2012

Read more: Holding in Company

Sale of Turbines

15 October 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, announces that that it has agreed  to sell its two remaining Siemens Westinghouse 701 DU gas turbines to Iris Eco Power Sdn Bhd ("Iris"), a Malaysian power development company, for consideration of US$31 million (approximately £19.4 million).

Read more: Sale of Turbines

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