IPSA Ipsa Grp

TIDMIPSA

RNS Number : 2534P

IPSA Group PLC

16 February 2016

IPSA Group PLC

("IPSA" or the "Company")

Result of General Meeting

Further to the announcement on 28 January 2016, IPSA announces that at the General Meeting of IPSA shareholders held today the resolution to approve the disposal of its 100 per cent. Interest in its subsidiary Blazeway Engineering Limited ("Blazeway") (the UK holding company which owns Newcastle Cogeneration Proprietary Limited ("NewCogen")) to Sloane Corporation Limited ("SCL") was duly passed.

The sale of Blazeway to SCL remains subject to a number of conditions precedent including approval being granted by the Industrial Development Corporation of South Africa ("IDC") under the terms of the loan agreement between NewCogen and IDC, as well as the approval of certain other of IPSA's creditors to the assumption by SCL of GBP1,866,000 of indebtedness of the Company.

A further announcement on the satisfaction of these conditions or otherwise will be made in due course. The transaction is subject to a longstop date of 29 February 2016.

If all other conditions precedent are met IPSA would be regarded as an AIM Rule 15 cash shell, and would be required to make an acquisition or acquisitions constituting a reverse takeover under the AIM Rules within 6 months.

For further information contact:

 
 Mark Otto, Acting CEO 
  IPSA Group PLC                  +27 (84) 219 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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February 16, 2016 11:59 ET (16:59 GMT)

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