Half Yearly Report

News & Publications -

Press Releases News & Publications   Published: Thursday, 12 January 2012 12:36

Unaudited Results for the 6 month period ended 30 September 2011

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces its unaudited interim results for the 6 month period ended 30 September 2011.

Highlights:

• Revenue of £1.9m (2010 - £0.7m) comprising electricity sales of £1.7m (2010 - £0.7m) and steam sales of £0.2m (2010 - nil)
• Group after tax loss of £2.6m (2010 - £0.4m loss)
• Production of electricity under the MTPPP contract and, since July 2011, re-commencement of steam sales under a temporary  contract, has generated a gross margin (revenue less cost of gas consumed) of £0.5m (2010 - £0.1m)
• As announced on 2 December 2011, new contracts for the sale of the 4 turbines have been exchanged at a gross price of US$66.0m

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Completion of Sale of Turbines

News & Publications -

Press Releases News & Publications   Published: Thursday, 12 January 2012 12:36

12 January 2012

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that the sale of two of its Siemens Westinghouse 701 DU gas turbines to Bright Day Pte Limited ("Bright Day") completed yesterday.

The sum of US$31 million being the balance of the US$35 million purchase price for the pair of turbines and ancillary equipment has been paid by Bright Day to a trust account operated by the Company's two key creditors, Standard Bank PLC and Turbocare SpA. Following disbursement of funds to the key creditors the Company's indebtedness will be reduced by approximately £22.6m, leaving approximately £15.5m outstanding in aggregate.

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Extension re Sale of Turbines

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Press Releases News & Publications   Published: Friday, 02 December 2011 12:41

2 December 2011

IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces an update in respect of the conditional sale of its four Siemens Westinghouse 701 DU gas turbines.

Further to the announcement on 20 July 2011 (the "July Announcement") that the Company has entered into two turbine sale contracts with Bright Day Pte Limited ("Bright Day") and with Bridgehouse Capital Limited ("Bridgehouse"), the Company announces a delay in completion of the sales of the turbines. The new sales contracts with Bright Day and a member of the Bridgehouse investment group are substantially on the same terms described in the July Announcement.

IPSA also confirms that it has executed a deed of trust whereby all proceeds from these two agreements, including the deposits, will be paid into a trust account to be operated by the Company's two key creditors, Standard Bank PLC and Turbocare SpA.  The contracts have been approved by both of these entities.

Read more: Extension re Sale of Turbines

Holding(s) in Company

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Press Releases News & Publications   Published: Wednesday, 30 November 2011 10:37

30 November 2011

The Company was notified on 28th November 2011, that YF Finance Limited had a holding of 6,430,000 ordinary shares of 2 pence each in the Company, representing 5.98% of the issued share capital.

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