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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ipsa Grp | LSE:IPSA | London | Ordinary Share | GB00B0CJ3F01 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.40 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
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
TSTPGGAGGUPAGAM
(END) Dow Jones Newswires
November 27, 2015 10:21 ET (15:21 GMT)
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