IPSA GROUP PLC - Board Changes and Update re Settlement of Funds

Board Changes and Update re Settlement of Funds

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")

         Board Changes and Update re Settlement of Funds

The Directors of IPSA, the owner, operator and developer of power
generation capacity in South Africa, announce the resignation of its Acting
CEO, Peter Earl, and Finance Director, Elizabeth Shaw. Mark Otto, the
Chief Operating Officer, has been appointed as new Acting CEO for an
interim period. The resignations follow discussions with Rurelec PLC, which
is now in funds to pay part of the monies owed by it to IPSA and in
particular make payment on IPSA’s behalf of the initial amount now due
to Ethos Energy of €2.85 million by 31 August 2015. A further sum of
€2.6m is due to Ethos Energy by 30 September 2015. IPSA is in
discussion with Radix Investments Limited in relation to either an
extension or a refinancing of the loan of £500,000 and interest owed
under that loan. Rurelec has also agreed to pay shortly a further sum of
£300,000 to IPSA with the remaining balance of approximately £585,000
owed by Rurelec to be paid thereafter.

Negotiations are also continuing also with potential black economic
empowerment (BEE) partners at Newcastle Cogeneration Pty Limited as
previously announced.

Speaking today, Peter Earl said: "I am honoured to have been on the
Board of IPSA since its inception. I leave the Board as planned now that
the initial payment to Ethos Energy is assured."

Commenting on the resignations, Richard Linnell, Chairman of IPSA, said:
"I thank Elizabeth and Peter for their hard work over the years in
challenging circumstances.”

The Board intends to make further Director appointments in due course.

30 July2015




For further information contact:
James Joyce / James Bavister   +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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