| Thu 2 Feb 2012, 16:30 | | IPS - IPSA - Extension Re Sale of Turbines |
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IPS
IPSA
IPS - IPSA - Extension Re Sale of Turbines
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")
EXTENSION RE SALE OF TURBINES
IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation
capacity in Southern Africa, announces an update in respect of the sale of its
two remaining Siemens Westinghouse 701 DU gas turbines.
Further to the announcement on 12 January 2012 of the completion of the turbine
sale contract with Bright Day Pte Limited , the Company announces a delay in
completion of the sale contract with Lezayre Holdings Limited ("Lezayre"), the
purchaser of the remaining two turbines.
Lezayre has requested a three month extension of the contract completion date.
The Company and its largest creditors, Standard Bank and TurboCare, are
considering this request and a further announcement will be made as appropriate.
The Company confirms that its working capital position remains extremely tight.
As stated previously, whilst the Company`s operating subsidiary continues to be
cashflow positive, additional working capital would be required by the Company
in order to clear its overdue creditors, unless their repayment periods are
extended, and pay operating expenses prior to completion of the sale.
For further information contact:
Phil Metcalf, CEO, IPSA Group PLC +44 (0)20 7793 5600
John Llewellyn-Lloyd / Harry Stockdale, Execution Noble & Company Ltd +44 (0)20
7456 9191
Riaan van Heerden,PSG Capital (Pty) Ltd +27 (0)21 887 9602
Harry Ansell / James Joyce W H Ireland Ltd +44 (0)20 7220 1666
London
2 February 2012
Date: 02/02/2012 16:30:01 Produced by the JSE SENS Department.
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