Conditional Placing & Update on proposed listing on AltX

IPSA is pleased to announce that it has made an application to the JSE to grant formal approval for the listing of IPSA ordinary shares of 2p each on Altx, the Alternative Exchange of the Johannesburg Stock Exchange ('JSE'). The listing is subject to the granting of formal approval by the JSE and the granting of exchange control approval by the South African Reserve Bank.

IPSA has also received irrevocable commitments to subscribe for 5,499,839 ordinary shares in IPSA for a subscription price of South African Rand 5.62 per ordinary share ('the placing shares') from selected institutional investors conditional upon the listing taking place, thereby raising SAR 30,909,095. Once the approvals are received, IPSA will introduce the 54,629,630 ordinary shares currently listed on AIM and the 5,499,839 placing shares onto Altx. The placing shares will also be admitted for trading on AIM.

A pre-listing statement will be issued in accordance with Section 6 of the Listing Requirements of the JSE, once the approvals of the JSE and the South African Reserve Bank have been obtained and just prior to listing.

An abridged pre-listing statement relating to the listing is provided below.

Peter Earl, CEO of IPSA, comments:

'We are looking forward to our Altx listing as it is important for IPSA to have the backing of South African institutions in helping to achieve our aim to become South Africa's leading independent power provider.'

For further information please contact:

Peter Earl, CEO, IPSA Group Plc 020 7793 7676
Liz Shaw, COO, IPSA Group Plc 020 7793 7676
John Llewellyn-Lloyd, Noble & Company Limited 020 7763 2200
Sean Lunn, Hichens, Harrison & Company Plc 020 7382 7790
Allan Piper, First City Financial 07736 064982 020 7436 7486