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Update re sale of turbines
IPSA GROUP PLC
(Incorporated and registered in England and Wales)
(Registration Number 5496202)
AIM Share Code IPSA ISIN GB00BOCJ3F01
JSE Share Code IPS ISIN GB00BOCJ3F01
("IPSA" or "the company")
Update re Sale of Turbines
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.
Although the contract with Iris has not been formally
extended, discussions continue with a view to setting a firm
timetable in which to complete the sale of the turbines and
Iris continue to invest time and money in making arrangements
to ship the turbines from Italy to their final destination
leading the IPSA Board to continue to take as serious the Iris
intention to complete the purchase.
However, in parallel with the Iris negotiations, discussions
are taking place with a number of other parties who have
expressed interest in acquiring the turbines and the board has
approved the appointment of a specialist agency to re-market
the units. Accordingly, the Company has now given Iris until
the end of the month to enter into a new contract with a firm
completion schedule.
The Company confirms that its working capital position remains
extremely tight and that, without the continued support of all
its creditors, additional working capital would be required by
the Company in order to settle overdue indebtedness prior to
completion of the sale of the remaining two Turbines.
A further announcement will be made as and when appropriate.
London
15 February 2013
For further information contact:
Phil Metcalf, CEO +44 (0)20 7793 5615
IPSA Group PLC
John Llewellyn-Lloyd / Harry +44 (0)20 7456 9191
Stockdale
Execution Noble & Company Ltd
Harry Ansell / James Joyce +44 (0)20 7220 1666
W H Ireland Ltd
Riaan van Heerden, +27 (0)21 887 9602
PSG Capital (Pty) Ltd
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