| Thu 8 Sep 2011, 8:03 | | IPS - Ipsa Group Plc - Appointment of New Chief Executive |
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IPS
IPSA
IPS - Ipsa Group Plc - Appointment of New Chief Executive
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")
APPOINTMENT OF NEW CHIEF EXECUTIVE
IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation
capacity in Southern Africa, is pleased to announce the appointment of Philip
Metcalf to the position of Chief Executive of IPSA Group PLC, effective as of
today, following today`s resignation of this position by Peter Earl.
Peter Earl is relinquishing the appointment as Chief Executive, a position he
has held since the founding of the Company in 2005 to be able to focus on his
role as Chief Executive of Rurelec. His very significant contribution to the
establishment of IPSA as an independent power producer (IPP) in South Africa
through the construction of the Newcastle Cogeneration plant (NewCogen) has
created a strong foundation on which to build. Mr Earl will remain on the Board
of IPSA as a Non-Executive Director.
Philip Metcalf has held a number of senior positions including Senior Vice
President and Officer of Nasdaq listed Global Crossing and a former director of
engineering consultancy Stone & Webster, now part of Shaw Group. He was
appointed a non-executive director of IPSA in February 2011.
Because NewCogen has been running under contract to Eskom for the past year, Mr
Metcalf`s strong operational and engineering background make him well positioned
to take the company forward from its established base. He has been involved in
developing, designing, building and operating major infrastructure projects in
the international arena for over 30 years and has been actively involved in
South Africa in particular for several years.
All of the other Directors will remain in their current roles for the time
being; and the Company believes that the board remains appropriately structured
with four executive directors and four non-executive directors, three of whom
are independent, including the chairman Richard Linnell. The audit, nomination
and remuneration committees are comprised entirely of non-executive directors.
Richard Linnell, Chairman, commented: "I am pleased with the progress that the
company is now making after a difficult period, and we look forward to
completing the sale of the turbines. Phil`s appointment is consistent with
moving the company into a stronger operational phase, in a more welcoming
environment in the future for IPPs in South Africa. Phil brings with him
heavyweight experience of achieving operational excellence and growth and the
change will add commercial experience to the board to drive the business forward
towards profitability."
For further information contact:
Philip Metcalf, CEO, +44 (0)20 7793 5615
IPSA Group PLC
John Llewellyn-Lloyd / +44 (0)20 7456 9191
Harry Stockdale,
Execution Noble & Company Ltd
Harry Ansell / James Joyce +44 (0) 20 7220 1666
WHI Ireland Ltd
Riaan van Heerden, +27 (0)21 887 9602
PSG Capital (Pty) Ltd
London
8 September 2011
Designated Advisor: PSG Capital (Proprietary) Limited
Date: 08/09/2011 08:03:38 Produced by the JSE SENS Department.
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