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Additional information
Additional Information
Market: AIM
Sector: Utilities
Epic: IPSA
News: Latest news
Web Site: IPSA
Other Articles: 31-03-201009-03-201023-12-2009 
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Thursday July 29, 09:30Specialist Energy Group Lays Out a Compelling Blueprint for Growth

After a difficult start to life as a stock market listed company, the company now stands at the threshold of a much brighter future. Legacy issues have been dealt with and the turnaround programme initiated by CEO Ewan Lloyd-Baker is gaining traction.

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Wednesday July 28, 11:30Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces

Silver Lake Resources has added over 1 million ounces of gold to its resource inventory during the year after mining 66,700 ounces and expects further encouraging results at its  Mount Monger and Murchison projects.

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Thursday July 15, 02:10Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB

Kimberley Metals (ASX: KBL) has reported that on 12 July the Australian Government Foreign Investment Review Board (FIRB) had no objections to Henan Yuguang Lead & Gold Co. Ltd's [...]

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IPSA

IPSA

IPSA was established to develop, own and manage power generation plants in Southern Africa. The Company's management has an established track record in developing power projects worldwide and with relevant experience in the electricity sector in South Africa. It has two principal business objectives, the development and ownership of power generation facilities in Southern Africa in order to sell electricity and/or heat or steam to companies and communities on commercial terms; and in due course, the purchase, refurbishment and operation of existing power plants in the region.

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Tuesday, March 09, 2010

IPSA Group issues £650,000 loan notes to RAB Energy Fund and other investors

IPSA Group (AIM: IPSA) has issued £650,000 worth of unsecured loan notes to the RAB Energy Fund and certain other investors to provide interim funding. Separately, the company also entered into an agreement with Standard Bank and TurboCare SpA regarding the marketing of its gas turbines, which includes a standstill arrangement regarding funds due to both these parties.

"We have secured an important injection of short term liquidity into IPSA as we continue the marketing process to sell the remaining three Siemens Westinghouse 701 turbines not yet under contract", IPSA Peter Earl commented.

The unsecured loan notes carry 6% interest per annum, and are due for repayment on the earlier of: the 31 January 2011, the sale of two of the Siemens Westinghouse 701 DU turbines, the full or partial sale of certain other plant or equipment for at least US$8m or a change in the control of IPSA.

IPSA intends to use the proceeds of the loan notes to develop the Elitheni coal project at Indwe, South Africa, and for general working capital purposes. Additionally the subscribers were also issued warrants over 6.5m ordinary shares of 2p each, exercisable between the repayment date and 30 months thereafter. The warrants can be exercised at up to 19p per share.

As part of the agreement, Independent Power Corporation (IPC), a company controlled by IPSA CEO Peter Earl, has entered into an option agreement to acquire the loan notes including the associated interest and warrants, at the option of the loan note holders in the event of certain defaults by the company.

The agreement between the IPSA, Standard Bank and TurboCare terminates on 31 January 2011, or earlier in the event that Standard Bank and TurboCare are paid all sums due to them, or at Standard Bank's election after 30 November 2010 in the event that TurboCare has not secured a sale.

Having entered in the conditional sale of one of the Turbines, announced in December 2009, IPSA continues to market the three remaining Turbines actively.

In terms of its other operations, IPSA said its wholly-owned subsidiary Newcastle Cogeneration, which is currently working on a potential power-purchase contract for Eskom, intends to substantially refinance its 18MW power plant as soon as a power purchase agreement is signed.  Newcastle Cogeneration’s gas-fired power plant is South Africa's first independent power plant (IPP).

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