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Corporate 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")
Corporate Update
Further to its announcement of 20 August 2015, regarding the payment of
sums due to Ethos Energy Italia (“Ethos”), the Company confirms a
further sum of approximately Euros 340,000 has been paid by Rurelec PLC
on behalf of IPSA Group PLC thereby further reducing the sum
outstanding to Ethos already due to approximately Euros 1,515,000.
Discussions over the timing of this balance continues between the parties
with no set schedule.
As previously announced a further sum of approximately Euros 2.6m is
also due to Ethos by today’s date.
The Company remains reliant on the forebearance of Ethos in relation to
these amounts as there has been no formal extension.
The Company’s working capital remains tight and the Company is reliant
on the forbearance of creditors principally, in addition to Ethos, Radix and
accrued salaries to management and ex management and will need to
raise further sums to satisfy them.
The Company continues its discussions in relation to its intentions to sell
its remaining balance of plant in relation to the previously sold turbines as
well looking at selling a minority interest in its operating subsidiary
Newcastle Cogeneration Pty Limited ('NewCogen') although there can be
no certainty the Company will be successful in raising funds from these
sources or by other means.
The Company was due to publish is Financial Statements for the year
ended 30 March 2015 by 30 September 2015. It has announced it will not
be in a position to do so by that date and consequently it shares are
suspended from trading but is looking to publish as soon as possible.
Subject to the expected non cash write-down on the carrying value of
plant and equipment, the underlying trading results of operations at
Newcogen are broadly in line with that in 2014. It is also expected that
the results will be affected by the write down of the balance of plant
For further information contact:
Mark Otto, Acting CEO +44 (0)20 7793 5615
IPSA Group PLC
James Joyce / Liam Gribben +44 (0)20 7220 1666
W H Ireland Ltd
Riaan van Heerden, +27 (0)21 887 9602
PSG Capital (Pty) Ltd
30 September 2015
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