News & Publications

Press Releases

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

Result of AGM

28 September 2012

IPSA, the AIM quoted independent power plant developer with operations in South Africa, is pleased to announce that at the Company's Annual General Meeting held earlier today all resolutions were duly passed.

Read more: Result of AGM

Posting of Annual Report & Notice of AGM

5 September 2012

Notice is hereby given that an Annual General Meeting of the Company will be held at the Company's offices at 5th Floor, Prince Consort House, 27-29 Albert Embankment, London SE1 7TJ at 10.30 am on Friday 28th September 2012. A number of resolutions will be put shareholders.

Read more: Posting of Annual Report & Notice of AGM

Audited Results for the year ended 31 March 2012

3 September 2012

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces its audited results for the year ended 31 March 2012.

Highlights:

  • Revenue of £4.4 million (18 months to 31 March 2011 - £0.8 million)
  • Group after tax profit of £5.6 million (18 months to 31 March 2011 - £5.2 million loss)

Key components are:

  • Plant operating loss of £0.9 million (18 months to 31 March 2011 - £2.2 million loss)
  • Profit on sale of 2 turbines of £6.1 million (18 months to 31 March 2011 - nil)
  • Credit of £3.6m arising from settlement with Sasol (18 months to 31 March 2011 - release of accrual - £1.2 million)

Since the year-end, settlement has been reached with Sasol over their claim under the 2007 'take-or-pay' contract funded by a new loan from Sterling Trust Limited of £0.6 million. The financial impact of this settlement has been reflected in these financial statements.

Commenting, Richard Linnell, Chairman of IPSA, said:

"The year to 31 March 2012 has seen a significant improvement in the trading performance of the plant in South Africa and, as previously announced, in January this year, the company sold 2 of its 4 turbines, realizing a gross profit on this sale of £6.1 million. Completion of the sale of the remaining 2 turbines is expected soon following which the working capital of the Group will be stabilized. Since the year-end, the recently announced settlement of the claim by Sasol is also important as it removes a major uncertainty which was hindering refinancing of the plant in South Africa."

Read more: Audited Results for the year ended 31 March 2012

Settlement of Sasol Claim

10 August 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that it has received confirmation of the withdrawal of the claim by Sasol Gas Limited against Newcastle Co-generation (Pty) Limited ("NewCogen"), the Company's wholly owned subsidiary, for sums claimed under the gas supply agreement terminated in August 2009 (the "Claim").

Read more: Settlement of Sasol Claim

Issue of New Loan Notes and Entry into a Loan Agreement

27 July 2012

Loan Notes

IPSA Group PLC, the developer, owner and operator of power generation capacity in Southern Africa, announces that, on 26 July 2012, the Company agreed to enter into a new loan note agreement with several investors in order to refinance the loan notes which were due for redemption in 2011.

Read more: Issue of New Loan Notes and Entry into a Loan Agreement

Update re Loan Notes and Turbine Sale Process

9 July 2012

IPSA Group PLC has been notified that Sterling Trust Limited ("Sterling Trust") has acquired £350,000 of the loan notes which IPSA issued on 5 March 2010 (the "Loan Notes").  In addition, Sterling Trust has acquired warrants to subscribe for 2,500,000 new shares of the Company, which were issued on the same date as the Loan Notes.

Read more: Update re Loan Notes and Turbine Sale Process

Adoption of 2012 Employee Share Option Plan and Grant of Options

3 May 2012

The Company's board announces that it has adopted a new share option plan, the IPSA Group PLC 2012 unapproved Share Option Plan.

The Company has not previously put any form of share option scheme in place, and is doing so now in order to grant options to compensate certain directors and the company secretary for the deferment of their fees and/or salaries which in some cases have not been paid for over forty months.

Read more: Adoption of 2012 Employee Share Option Plan and Grant of Options

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