News & Publications

Press Releases

Trading Update

2 May 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces a trading update on the sale process of its two remaining turbines and on operations at its Newcastle plant.

Lezayre Holdings Limited ("Lezayre") has re-iterated its intention to complete the purchase of the two remaining Siemens Westinghouse 701 DU gas turbines ("the Turbines") by 30th June 2012, by which date it is expected that the environmental evaluation will be completed on the project for which the Turbines are intended to be employed.

Read more: Trading Update

Extension re Sale of Turbines

2 February 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces an update in respect of the sale of its two remaining Siemens Westinghouse 701 DU gas turbines.

Further to the announcement on 12 January 2012 of the completion of the turbine sale contract with Bright Day Pte Limited , the Company announces a delay in completion of the sale contract with Lezayre Holdings Limited ("Lezayre"), the purchaser of the remaining two turbines.

Completion of Sale of Turbines

12 January 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that the sale of two of its Siemens Westinghouse 701 DU gas turbines to Bright Day Pte Limited ("Bright Day") completed yesterday.

The sum of US$31 million being the balance of the US$35 million purchase price for the pair of turbines and ancillary equipment has been paid by Bright Day to a trust account operated by the Company's two key creditors, Standard Bank PLC and Turbocare SpA. Following disbursement of funds to the key creditors the Company's indebtedness will be reduced by approximately £22.6m, leaving approximately £15.5m outstanding in aggregate.

 

Read more: Completion of Sale of Turbines

Extension re Sale of Turbines

2 December 2011

 

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces an update in respect of the conditional sale of its four Siemens Westinghouse 701 DU gas turbines.

 

Further to the announcement on 20 July 2011 (the "July Announcement") that the Company has entered into two turbine sale contracts with Bright Day Pte Limited ("Bright Day") and with Bridgehouse Capital Limited ("Bridgehouse"), the Company announces a delay in completion of the sales of the turbines. The new sales contracts with Bright Day and a member of the Bridgehouse investment group are substantially on the same terms described in the July Announcement.

 

IPSA also confirms that it has executed a deed of trust whereby all proceeds from these two agreements, including the deposits, will be paid into a trust account to be operated by the Company's two key creditors, Standard Bank PLC and Turbocare SpA.  The contracts have been approved by both of these entities.

 

Read more: Extension re Sale of Turbines

Holding(s) in Company

30 November 2011

 

The Company was notified on 28th November 2011, that YF Finance Limited had a holding of 6,430,000 ordinary shares of 2 pence each in the Company, representing 5.98% of the issued share capital.

 

Read more: Holding(s) in Company

Holding(s) in Company

10 October 2011

 

The Company was notified on 5th October 2011, that RAB Capital Limited (in its capacity as discretionary manager for RAB Energy Fund Limited and RAB Octane (Master) Fund Limited) sold 7,835,000 ordinary shares of 2 pence each in the Company, representing 7.3% of the issued share capital, on 28th September 2011.

 

Read more: Holding(s) in Company

Appointment of New Chief Executive

8 September 2011

 

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, is pleased to announce the appointment of Philip Metcalf to the position of Chief Executive of IPSA Group PLC, effective as of today, following today's resignation of this position by Peter Earl.

 

Read more: Appointment of New Chief Executive

Change of Broker

21 July 2011

IPSA, the AIM quoted independent power plant developer with operations in South Africa, is pleased to announce the appointment of W H Ireland Limited as the Company's Broker with immediate effect.

Read more: Change of Broker

Sale of Turbines

20 July 2011

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that that it has entered into equipment sale agreements in respect of its four Siemens Westinghouse 701 DU gas turbines for an aggregate consideration of US$66 million (£41 million at yesterday's exchange rate).  

Bright Day Pte Limited ("Bright Day"), a Singapore-based investment company, has agreed to purchase two of the Turbines (the "Bright Day Agreement") for its barge-mounted projects under development.  

Read more: Sale of Turbines

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