IPSA Group PLC Statement Regarding Suspension (5340T)
30 3월 2016 - 6:30PM
UK Regulatory
TIDMIPSA
RNS Number : 5340T
IPSA Group PLC
30 March 2016
30 March 2016
IPSA Group PLC
("IPSA" or the "Company")
Statement regarding Suspension
Further to the announcements by the Company of 15 March 2016 and
29 March 2016 and notwithstanding that the Company has now
published its final and interim results in accordance with AIM
Rules 18 and 19, the Company has requested a suspension in trading
of the Company's shares pending clarification of the Company's
financial position.
As detailed in the previous announcements of 15 March and 29
March 2016, the Company's financial position remains difficult and
uncertain. The Company is reliant upon the forbearance of its
creditors and notably Ethos Energy Italia SpA ('Ethos'), whilst it
seeks to realise proceeds from the sale of assets held for resale,
being ancillary plant held by the Company together with the receipt
of funds due from Rurelec plc in relation to deferred
consideration.
The Company has creditors totalling approximately GBP3.95m of
which approximately GBP3.7m is owed to Ethos. The Company's
principal assets are the balance of plant held on the balance sheet
at GBP4m and receivables currently due of approximately GBP1.28m
although the Company's auditors issued an adverse audit opinion in
the financial statements for the year ended 31 March 2015 as a
result of it believing there should be a provision against the
carrying values of these assets.
The focus of the Company is to realise sufficient funds from
these assets to repay all the Company's remaining creditors.
However, there can be no guarantee that the Company will be
successful in any sale or that the proceeds from the realisation of
these assets will be sufficient to repay the creditors and the risk
remains that the Company may need to be placed into
administration.
Following the disposal of the Company's operating business on 29
February 2016, the Company is now an AIM Rule 15 cash shell and is
seeking to conduct a reverse takeover.
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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March 30, 2016 05:30 ET (09:30 GMT)
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