IPSA Ipsa Grp

TIDMIPSA

RNS Number : 2529H

IPSA Group PLC

27 November 2015

27 November 2015

IPSA Group PLC

("IPSA" or the "Company")

Trading Update

IPSA, the AIM and Altx dual listed independent power plant developer that owns and operates the combined heat and power plant in Newcastle, KwaZulu Natal, Southern Africa ("Newcogen"), wishes to announce that mechanical failure has occurred to gas turbine no 2 at Newcogen. This will result in reduced output of 5MW until repairs can be effected. The cost of repairs is estimated at GBP300,000. An insurance claim has been lodged. The timing of repair to the turbine will be dependent upon the insurance claim being settled. The Company intends to replace the core of the turbine initially with a leased unit, which will return the turbine to service within a month.

In the interim, the Company's working capital remains extremely tight and the Company is reliant on the forbearance of creditors whilst the repairs are completed.

The Company continues its discussions with a view to selling the balance of plant associated with the previously sold 701DU turbines as well as seeking to sell an interest in Newcogen although there can be no certainty the Company will be successful in raising funds from these sources or by other means in the short to medium term.

Notwithstanding that the insurers settle the claim to repair Newcogen's damaged turbine, the possibility exists that the Company may have to be placed into administration.

For further information contact:

 
 Mark Otto, Acting CEO 
  IPSA Group PLC                   +278 4219 2000 
--------------------------------  --------------------- 
 
   James Joyce / James Bavister      +44 (0)20 7220 
   W H Ireland Ltd                   1666 
--------------------------------  --------------------- 
 
   Riaan van Heerden, 
   PSG Capital (Pty) Ltd             +27 (0)21 887 9602 
--------------------------------  --------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 27, 2015 10:21 ET (15:21 GMT)

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