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IPSA GROUP PLC - Operational Update

Release Date: 04/07/2014 10:48
Code(s): IPS     PDF:  
Wrap Text
Operational Update

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")

Operational Update

IPSA announces that it has secured a short term loan of
GBP500,000 from Radix International Limited for the next 6
months at an interest rate of 1 per cent per month. This will
provide working capital until such time as the installation
programme for the two Jenbacher gas engines, acquired at the
end of 2013 adding 3.4MW at the cogeneration site, is
completed which will be by the end of September this year. The
engines have arrived in South Africa and are expected to
materially add to the profitability of the Newcastle
Cogeneration plant bringing the total increase in plant
capacity to 40% since the end of 2013. The Company continues
to manage its working capital.

IPSA also advises that it is progressing the transfer to
Rurelec PLC of the two Siemens Westinghouse 701DU turbines
(ex Fiat Avio TG50DS turbines) subject to the sale and
purchase agreement entered into on the 10th June 2013. Rurelec
is completing arrangements for storage and shipment of the two
turbines as part of the agreed hand-over arrangements. The
deferred consideration remains outstanding for the time being.


For further information contact:


Phil Metcalf, CEO                  +44 (0)20 7793 5615
IPSA Group PLC

James Joyce / Nick Field           +44 (0)20 7220 1666
W H Ireland Ltd

Riaan van Heerden,                 +27 (0)21 887 9602
PSG Capital (Pty) Ltd

London
4 July 2014

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