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JSE
IPSA
IPSA Group Plc - The first dual listing on AltX
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")
Wednesday 18th October, 2006 - IPSA Group Plc "IPSA" will tomorrow
become the first company to be listed on both the JSE Alternative
Exchange (AltX) and London"s Alternative Investment Market (AIM).
The purpose of the company listing on AltX is to provide access to the
local equity market as well as access to funding for future power
generation projects. The listing will also help facilitate the broad
introduction of BEE shareholders in the near future.
IPSA CEO Peter Earl said "We are delighted to be listing on AltX. It
means local ownership and local accountability in the country where our
operations are concentrated. This gives local investors a closer insight
and better understanding of our independent power generation operations
in southern Africa."
IPSA Group Plc was incorporated in July 2005 and listed on AIM in the UK
in September 2005. Currently it has a market capitalization of around US
$40 million. Its management has extensive experience from the United
States of America, Kazakhstan, Bolivia, Argentina and from developing
markets in the generation of power from gas-fired and clean coal
technology. Headquartered in London and Durban, IPSA will look to
establish offices in Cape Town, Port Elizabeth, East London and
Johannesburg after listing.
IPSA"s intention is to create a portfolio of power generation assets in
southern Africa. The first of the local target projects are based on
developing combined heat and power (CHP) plants for industrial companies
seeking uninterruptible power supply and energy cost predictability. It
is intended that these plants will primarily be gas-fired and produce
both steam and electricity - another first in South Africa. IPSA"s
initial plant in Newcastle is due to begin operations in December 2006
and is believed to be both the first gas-fired power plant in South
Africa as well as the first privately financed independent power plant
in the country.
Noah Greenhill, marketing and business development GM at the JSE
commented, "This represents several firsts for us. It is the first
secondary listing on AltX as well as the first AIM traded company to
list in South Africa. We are delighted that companies listed abroad are
starting to realise the potential benefits that the AltX offers."
Further opportunities for IPSA in South Africa include sale of
electricity capacity and energy to Eskom for distribution nationally
from newly developed power plants including `clean-coal" operations,
further development of power "islands" serving large industrial
consumers of electricity, acquisition of existing power plants offered
for sale by local municipalities or Eskom and further liquid natural gas
(LNG) power generation.
- ENDS -
Date: 18th October 2006
IPSA website: www.ipsagroup.co.uk
For further enquiries please contact:
Peter Earl IPSA CEO +44.207.793.7676
Jacques de Bie College Hill +27.11.447.3030
Notes for Editors:
In early September 2005 IPSA acquired the entire issued share capital of
Blazeway Engineering Limited ("Blazeway"). IPSA listed on AIM in the UK
on 20 September 2005. In May 2005, Blazeway acquired Newcastle
Cogeneration Company (Proprietary) Limited ("NEWCOG"), formerly the
southern African power development business of The Independent Power
Corporation PLC and as a result of it"s acquisition of Blazeway, IPSA
also acquired NEWCOG, both of which are subsidiaries of IPSA. The Group
currently has four initial projects at varying stages of development in
South Africa.
IPSA is in the process of constructing South Africa"s first gas-fired
power generation turbine in Newcastle, KwaZulu-Natal. The project is due
to be completed by December 2006 and will supply Karbochem, a synthetic
rubber manufacturer in Newcastle. Gas-fired power plants are more
environmentally friendly with lower emissions and twice as energy
efficient as traditional coal technology. Additionally, some of IPSA"s
power generation will qualify for carbon credits.
IPSA"s Coega project in Port Elizabeth will supply uninterrupted power
to smelting operations on the Coega Industrial Development Zone (IDZ).
The Company has entered into a lease of property next to the future
liquefied natural gas (LNG) import terminal for the IDZ. Coega is
strategically important for SA as a deep water port (one of two ports in
SA zoned for importing LNG) and the development zone already has hugely
significant public investment. IPSA plans to build a combined cycle LNG-
fired power station next to the import terminal that will generate 800
megawatts of electrical output. IPSA have had discussions with Eskom and
the DME to consider doubling the size of this plant in order to help
service the electricity needs of the Eastern and Western Cape.
There is currently an environmental impact assessment underway at
Elitheni, East London that could lead to South Africa"s first clean-coal
technology power station that will conform to international World Bank
emission standards. The planned 400 megawatt plant would be the closest
plant to coastal development zone. Other coal-fired plants are mainly
in the north-east leaving Eskom to convey the power along many
kilometres of power lines to supply these coastal regions.
The South African Government"s policy is that 30 per cent of South
Africa"s power capacity should be in private ownership by 2010. Eskom,
which currently generates around 95 per cent of the country"s
electricity, is primarily coal-?red but also includes nuclear, liquid
fuel and hydroelectric power generation. There are opportunities being
created for independent power companies and especially foreign expertise
to enter the local market and to fulfil the alternative power generation
skills gap.
IPSA senior management comprises;
Peter Earl - Chief Executive Officer
Elizabeth Shaw - Group Operations and Financial Director
John Eyre - Technical Director
Susan Laker - Company Secretary
Date: 18/10/2006 09:07:06 AM Produced by the JSE SENS Department
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