IPSA GROUP PLC - Result of General Meeting

Result of General Meeting

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")


                            Result of General Meeting

Further to the announcement on 28 January 2016, IPSA announces that at the General
Meeting of IPSA shareholders held today the resolution to approve the disposal of its
100 per cent. Interest in its subsidiary Blazeway Engineering Limited (“Blazeway”) (the
UK holding company which owns Newcastle Cogeneration Proprietary Limited
(“NewCogen”)) to Sloane Corporation Limited (“SCL”) was duly passed.

The sale of Blazeway to SCL remains subject to a number of conditions precedent
including approval being granted by the Industrial Development Corporation of South
Africa (“IDC”) under the terms of the loan agreement between NewCogen and IDC, as
well as the approval of certain other of IPSA’s creditors to the assumption by SCL of
£1,866,000 of indebtedness of the Company.

A further announcement on the satisfaction of these conditions or otherwise will be
made in due course. The transaction is subject to a longstop date of 29 February 2016.

If all other conditions precedent are met IPSA would be regarded as an AIM Rule 15
cash shell, and would be required to make an acquisition or acquisitions constituting a
reverse takeover under the AIM Rules within 6 months.

17 February 2016

                        For further information contact:

Mark Otto, Acting CEO                                   +27 (84) 219 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.




                                                                      

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