| Thu 30 Aug 2007, 8:00 | | IPS - IPSA - Issue of shares for cash to Metropoli |
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IPS
IPSA
IPS - IPSA - Issue of shares for cash to Metropolitan Life Limited in terms of
IPSA`s BBBEE initiative
IPSA GROUP PLC
Incorporated and registered in England and Wales)
Registration number 5496202)
AIM Share Code: IPSA ISIN: GB00B0CJ3F01
JSE Share Code: IPS ISIN: GB00B0CJ3F01
(`IPSA` or `the Company`)
ISSUE OF SHARES FOR CASH TO METROPOLITAN LIFE LIMITED IN TERMS OF IPSA`S BROAD-
BASED BLACK ECONOMIC EMPOWERMENT (`BBBEE`) INITIATIVE
IPSA is pleased to announce that it has entered into an agreement with
Metropolitan Life Limited, acting through its wholly-owned subsidiary
Metropolitan Asset Managers Limited ("Metropolitan"), in terms of which
Metropolitan will subscribe for 13,434,612 new ordinary shares of 2p each ("New
Shares") in IPSA, representing 15.00% of IPSA`s enlarged issued share capital
("the Transaction"). The subscription price per New Share is R8.85 (using an
agreed exchange rate of ZAR/GBP of R14.75, the Sterling equivalent is 60p) and
will raise R118,896,316.20 (GBP8,060,767.20) for IPSA before expenses.
Metropolitan has entered into a separate agreement with Market Demand Trading
456 (Proprietary) Limited, trading as IMARA Energy Resources ("IMARA") (details
of which are provided below), in terms of which IMARA has the option to purchase
the New Shares from Metropolitan subject to certain terms and conditions. Upon
exercise of this option, beneficial and legal ownership of the New Shares will
pass to IMARA.
The Transaction is conditional on the New Shares being admitted for trading on
both AIM, a market operated by the London Stock Exchange plc, and AltX, the
alternative exchange of the JSE Limited.
Following the admission of the New Shares to trading on AIM and AltX,
Metropolitan will have an interest in 15,613,972 ordinary shares, representing
17.4% of the enlarged issued share capital of the Company.
There are no shares held in treasury, accordingly, the total number of voting
rights in the Company following admission of the New Shares to AIM and AltX will
be 89,564,081.
IPSA CEO Peter Earl said. "IPSA is delighted to have been supported by
Metropolitan, a major South African institutional investor, in achieving its
goal of teaming up with a broad-based black economic empowerment group with
knowledge of and a presence in the electricity industry in Africa. The link
with IMARA will help us accelerate our programme of developing and owning power
plants in southern Africa to meet the rapidly growing electricity needs of its
people."
For further information please contact:
Peter Earl, CEO, IPSA Group PLC +44 (0)20 7793 5600
Sean Lunn, Hichens, Harrison (Africa) +27 (0) 21 950 2711
Kevin Homann, Spirit Capital +27 (0) 11 784 1712
John Llewellyn-Lloyd, Noble & Company Limited +44 (0)20 7763 2200
Allan Piper, First City Financial +44 (0)7736 064982
+44 (0)20 7436 7486
IMARA ENERGY RESOURCES
IMARA was formed in 2007 specifically to house the BBBEE stake in IPSA. The
Consortium is currently evaluating other non-competing energy investments.
IMARA encompasses 3 distinct BBBEE groupings, namely: National Pride Trading 426
(Proprietary) Limited ("NATIONAL PRIDE"); Akina Energy Resources (Proprietary)
Limited ("AKINA"); and Itakane Trading (Proprietary) Limited ("ITAKANE").
NATIONAL PRIDE is a majority black-owned power sector-focused investment
company. It was founded by Premesh Narismulu and IPSA General Manager, Doug
Kuni. The shareholders of NATIONAL PRIDE possess considerable operational and
management experience in the African power generation and distribution sectors.
This group also operates and controls a portfolio of companies focused on the
power-sector supply chain. The portfolio is confined to `best of breed`
engineered products and engineering services.
AKINA was founded by a group of eminent black professional women entrepreneurs
with diversified investment interests. AKINA is represented by Ms Rizelle
Sampson who is also Non-Exec Chairperson of IMARA. Other shareholders of AKINA
include Ms Thoko Mpumlwana, Ms Nozipho January-Bardill, Golden Falls Trading &
VUWA Investments. A BBBEE foundation, the Vulindlela foundation, benefits
through a profit-sharing arrangement with AKINA.
ITAKANE, a group of Eastern and Western Cape-based black entrepreneurs, is
represented by Arthur Shipalana, who himself has significant investment
interests in the energy and resource sectors spanning solar, wind, gas, forestry
& fishing.
29 August 2007
Noble & Company Limited
AIM Nominated Advisor and Joint Broker to IPSA Group PLC
Standard Bank
AltX Sponsor to IPSA Group PLC
Hichens, Harrison & Co. plc
Joint Broker to IPSA Group PLC
Spirit Capital
Advisor to IMARA ENERGY RESOURCES
Date: 30/08/2007 08:00:01 Produced by the JSE SENS Department.
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