News & Publications

Press Releases

Final Results for 18 months to 31 March 2011

30 June 2011

IPSA Group PLC (AIM:IPSA), the AIM and Altx dual listed independent power plant developer with operations in southern Africa today announces its audited results for the 18 month period ended 31 March 2011.st July 2011.

Highlights:

* Revenue of £0.8m (2009 -£1m) derived mainly from electricity supplied during a ten week period (22 June 2010 to 31 August 2010)

* Group after tax loss of £5.2m for the extended reporting period (2009 -£5.5m)

* MTPPP contract signed with Eskom in August 2010

* New gas supply contract signed with Spring Lights Gas (Pty) Limited in March 2011

* Since the period end, IPSA's Newcastle cogeneration power plant returned to operation, producing electricity under the MTPPP contract and steam under a new short term supply agreement.

* Indicative offers for all 4 of the Turbines are now under active consideration by the Board.

Commenting, Richard Linnell, Chairman of IPSA, said:

"The period ended 31 March 2011 has been extremely difficult. However we now have indicative offers for the Turbines and though there can be no guarantee that these negotiatios will conlcude on the terms currently being considered, or at all, the propects are now much  more encouraging.  The support of our shareholders and creditors has enabled us to recommence operations at the plant in South Africa, which is an important milestone for us. Although the working capital position will remain tight until the sale of the Tubines is complete, the operations in South Africa are now generating some cash at the operating level".

Read more: Final Results for 18 months to 31 March 2011

Loan Note Extension

9 May 2011

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that that the repayment date of its outstanding issue of £650,000 of nominal value of Loan Notes, together with accrued interest, which were issued to RAB Energy Fund Limited and certain other investors on 5 March 2010, has been extended to 31st July 2011. 

Read more: Loan Note Extension

Total Voting Rights

31 March 2011

Following the admission of 12.5 million new ordinary shares of 2 pence each (Ordinary Shares) to trading on AIM on 3 March 2011, the Company confirms that the enlarged share capital consists of 107,504,081 Ordinary Shares with voting rights. 

None of these Ordinary Shares is held in Treasury. Therefore the total number of voting rights in the Company is 107,504,081.

The above figure (107,504,081) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, share capital of the Company under the Disclosure and Transparency Rules.  

Read more: Total Voting Rights

IPSA Interims

31 March 2011

Unaudited Interim Results for the Twelve Month Period to 30 September 2010

Chairman's Statement

I am pleased to report the Company's interim results for the twelve month period to 30 September 2010. This follows the recently announced change in the Company's accounting reference date to 31 March 2011. Full audited accounts will be prepared for the 18 month period to 31 March 2011.

The results are broadly in line with our expectations. The net loss after tax for the period was £1.2m (2009 - £5.5m), giving a basic loss per share of 1.27p (2009 - loss per share 5.92p). The operating loss for the period under review was £2.1m (2009 - £2.2m). Other income (comprising storage costs, a write-back of an overprovision in respect of gas not used and unrealised exchange gains) was £2.1m (2009 - expense of £1.8m) and the net finance expense was £1.2m (2009 - £1.5m).

Revenues of £675k (2009 - £1m) during the period represented a short term supply agreement negotiated with Eskom in 2010 to assist with power supplies during the FIFA World Cup.

 

Read more: IPSA Interims

Restart of Newcastle Plant

24 March 2011

 

IPSA PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that it has successfully re-commenced operations at its cogeneration plant at Newcastle KwaZuluNatal, South Africa.  The plant is now supplying electricity to Eskom under the medium term power purchase agreement dated 26 August 2010.

 

Restarting the Newcastle cogeneration plant followed final agreement on a gas supply contract with Spring Lights Gas (Pty.) Limited, as announced on 23 February 2011.  A recent placing of IPSA shares provided the working capital required to provide the required security under the Spring Lights gas contract.

Read more: Restart of Newcastle Plant

Holding(s) in Company

24 March 2011

 

Further to the Company's announcement on 25 February 2011, in connection with IPSA's placing to raise £1 million, IPSA announces that it received formal notification on 23 March 2011 that Sterling Trust Limited acquired 10 million ordinary shares of 2p each in the Company ("Ordinary Shares") on 3 March 2011.

 

As a result, Sterling Trust Limited holds an interest in 31,694,105 Ordinary Shares, representing 29.48% of the issued share capital of the Company.

Read more: Holding(s) in Company

New Accounting Reference Date

3 March 2011

IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that the Company's financial year end has been extended from 30 September 2010 to 31 March 2011.

Read more: New Accounting Reference Date

Correction re Warrants

28 February 2011

Further to the announcement released on 25th February in respect of the placing to raise £1 million, the reference to warrants which were previously issued to certain loan note holders should have referred to warrants over 6,500,000 ordinary shares rather than warrants over 8,125,000 ordinary shares.  All of the other information remains unchanged.

The correct announcement should read as follows: 

Placing of 12.5 million new Ordinary Shares at 8 pence to raise £1 million to fund the start-up of the Newcastle Cogeneration Plant and working capital.

IPSA GROUP PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that it has today placed a total of 12.5 million new ordinary shares of 2 pence each ("the Placing Shares") at a price of 8 pence per share to raise £1 million before expenses ("the Placing").

Read more: Correction re Warrants

Issue of Equity

25 February 2011

          

IPSA GROUP PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that it has today placed a total of 12.5 million new ordinary shares of 2 pence each ("the Placing Shares") at a price of 8 pence per share to raise £1 million before expenses ("the Placing").

 

The Placing

 

The Placing Shares have been allotted subject only to admission to trading on AIM ("Admission"). Application will be made for the placing shares to be admitted for trading on AIM, with Admission expected to take place on 3rd March, 2011. 

Read more: Issue of Equity

Notice: You are now leaving our website.

Rurelec accepts no responsibility for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

You will be redirected in five seconds.

Copyright IPSA Group PLC 2012