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Trading 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")
Trading Update
IPSA, the AIM and AltX dual listed independent power
plant developer that owns and operates the combined heat
and power plant in Newcastle, KwaZulu Natal, Southern
Africa (“Newcogen”), wishes to announce that mechanical
failure has occurred to gas turbine no 2 at Newcogen.
This will result in reduced output of 5MW until repairs
can be effected. The cost of repairs is estimated at
£300,000. An insurance claim has been lodged. The timing
of repair to the turbine will be dependent upon the
insurance claim being settled. The Company intends to
replace the core of the turbine initially with a leased
unit, which will return the turbine to service within a
month.
In the interim,the Company’s working capital remains
extremely tight and the Company is reliant on the
forbearance of creditors whilst the repairs are
completed.
The Company continues its discussions with a view to
selling the balance of plant associated with the
previously sold 701DU turbines as well as seeking to sell
an interest in Newcogen although there can be no
certainty the Company will be successful in raising funds
from these sources or by other means in the short to
medium term.
Notwithstanding that the insurers settle the claim to
repair Newcogen’s damaged turbine, the possibility exists
that the Company may have to be placed into
administration.
For further information contact:
Mark Otto, Acting CEO +278 4219 2000
IPSA Group PLC
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
27 November 2015
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