To view the PDF file, sign up for a MySharenet subscription.

IPSA GROUP PLC - Update re sale of turbines

Release Date: 01/03/2013 13:45
Code(s): IPS     PDF:  
Wrap Text
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 now been
abandoned.  Iris did not complete the purchase by 28th
February, as required by the IPSA Board.

While this is disappointing, negotiations are now taking place
with another party willing to acquire the turbines for the
same USD31 million price agreed with Iris.   A further
announcement will be made as  and when appropriate.

The board continues discussions with other parties who have
expressed interest in acquiring the turbines.

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.

London
1 March 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

Date: 01/03/2013 01:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story