| Mon 9 May 2011, 14:16 | | IPS - IPSA Group Plc - Change in Repayment Date of Loan Notes and adjustment of |
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IPS
IPSA
IPS - IPSA Group Plc - Change in Repayment Date of Loan Notes and adjustment of
warrant price
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")
Change in Repayment Date of Loan Notes and adjustment of warrant price
IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation
capacity in Southern Africa, announces that that the repayment date of its
outstanding issue of GBP650,000 of nominal value of Loan Notes, together with
accrued interest, which were issued to RAB Energy Fund Limited and certain other
investors on 5 March 2010, has been extended to 31st July 2011.
As part of the extension negotiations, the Company has agreed to re-set the
exercise price of the warrants to 13.5 pence per ordinary share and, as a result
of the extension of the Repayment Date, the exercise period now ends on 31st
January 2014.
No other amendments to either the Loan Note Instrument or the Warrant Instrument
have been made.
The Company intends to repay the Loan Notes either from a re-financing of IPSA`s
wholly owned power generation subsidiary, Newcastle Cogeneration ("NewCogen") or
out of the proceeds of the sale of the 701 D turbines. The directors are
satisfied that progress is being made on both matters.
For further information contact:
Peter Earl, CEO, IPSA Group PLC +44 (0)20 7793 5615
John Llewellyn-Lloyd / Harry Stockdale, Execution Noble & Company Ltd +44
(0)20 7456 9191
Sponsor: PSG Capital (Pty) Ltd Riaan van Heerden +27 (0)21 887 9602
London
9 May 2011
Date: 09/05/2011 14:16:41 Produced by the JSE SENS Department.
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