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The total number of IPSA securities in issue is 89,564,081

These shares are divided as follows:

AIM of the London Stock Exchange 60,473,985
AltX of the Johannesbury Stock Exchange 29,090,096


IPSA Group's significant shareholders are:

shareholder shares as percentage
Metropolitan Life Limited - RSA 15,855,721 17.70
Independent Power Corporation PLC** 10,000,000 11.17
Credit Suisse Client Nominees (UK) Limited 7,225,000 8.07
Stanlib Funds - RSA* 5,463,688 6.10
Morstan Nominees Limited 7,383,985 8.24
Stephen Hargrave*** 5,370,370 6.00
HSBC Global Custody (UK) Limited 4,858,250 5.42
Apollo Nominees Limited 4,635,776 5.18
Liberty Life Ass. Of Africa Limited - RSA 4,103,000 4.58
The Bank of New York (Nominees) Limited 2,876,850 3.21

* Sum of 3 funds: Managed Flexible Fund 1.88%, Smal Cap Fund 1.88%, Value Fund 2.34%
** held in Goldman Sachs Securities (Nominees) Limited
*** 1,700,000 transferrred to a company, subsidiary of a company he is a director of

IPSA Group's substantial shareholders are:

shareholder shares as percentage
Metc Metlife Main Account - RSA 15,855,721 17.70
Independent Power Corporation PLC * 10,000,000 11.17

IPSA Group's director shareholdings are:

shareholder shares as percentage
Stephen T. Hargrave 5,370,370 6.00
J. Michael Eyre
1,250,000
1.40
Elizabeth R. Shaw
1,250,000
1.40
James G. West
1,750,000
1.95
Neil Bryson
50,000
0.06
Peter Earl**
10,010,000
11.18

** Peter Earl is the controlling shareholder in Independent Power Corporation PLC
** 10,000 of Peter Earl's shares are owned by his wife, Emma Earl

The percentage of shares not in public issue is: 33.68%

The percentage of IPSA shares held as treasury shares is: 0.0%

There are no restrictions on the transfer of IPSA shares.

This information was last updated: 25th April 2008


  Please note that the information contained within the Investors section of the Company's website incorporates all disclosures pursuant to Rule 26 of the AIM rules for Companies.