||EPS - Basic
||Market Cap (m)
|moreforus: from LSE
Opinion: No Opinion
e mail from CEO
Today 11:12All, this is the e mail received from the CEO on Feb 18th.
If anyone wants the original e mail sent to them, please leave your e mail address.
I did indeed try to call and left you a message. I cannot give you any information which has not been released to the market via an RNS announcement. However I can tell you that if there was bad new to announce, we would have announced it. We have made no such announcements.
Our recent share price fall was the sale in a block of 4 per cent of the company at a foolishly large discount. The seller was a UK institution for whom this holding was too small for the portfolio at the current depressed price, so they just dumped the stock through market makers. It seems all to have been absorbed.
The one thing I can do is point you to the public statements of Eskom and the government of South Africa as to the planned extension of all MTPPP contracts, of which IPSA’s Newcastle Cogeneration is a beneficiary.
When there is something to announce, we will announce it, I promise. In the meantime there is nothing more which we can say.
Acting Chief Executive Office|
|loverat: I was just thinking about this one and all the hassle of the sale of the turbines. The outcome here in terms of share price was not that great after all was it?|
|knigel: i thought the share price was suppose to soar on this newd?|
|nash81: this one sounds very positive
"the company issued a statement reaffirming efforts to complete the sale."
Shares in power group Ipsa jumped over 7% on Monday after the group reiterated its commitment to close the sale of its last two turbines as soon as possible.
The group was attempting to sell its remaining two Siemens Westinghouse 701 DU gas turbines to Malaysian power development company Iris Eco Power for $31-million, allowing the group to repay its creditors.
However, Iris Eco Power, in December, sought an extension of the sale agreement, which Ipsa's creditors have not yet agreed to formalise.
In response to a recent movement in the group's share price the company issued a statement reaffirming efforts to complete the sale.
Ipsa initially said it would sell the two 701 DU gas turbines to Lezayre Holdings, but reported that the contract had expired owing to delays.
The company sold the other two of its four gas turbines, which it initially acquired for a power project at Coega, to Bright Day, in January 2012, for $35-million.
|nash81: posted in iii
if the buyer cancels we would have known it by now. and yet, they extended from the end of dec for another 15 days (today).
so, I am guessing, even if IPSA does complete the transaction with them and receive the money from the buyer (in the form of bank Letter Credit?) perhaps IPSA may want to wait a couple of days for the money to be cleared in IPSA bank account. and only then issue the RNS.
the buyer, is a large corporation listed in malaysia, and checking the report, it has huge cash pile, so money is not an issue with them. maybe the delay was due to logistics or arranging transportation of turbine from SA to malaysia?
and saying that, should they cancel, the buyer will loss 3m deposit they paid and wasted large money they spent in doing due diligence on this turbine, so this will be very bad news for them and will definitely impact the buyer share price, which I am sure they want to avoid.
either way, even without this sale, checking IPSA account, our assets (plant/equipment+turbines) worth much more and after deducting debt, it will be worth around 14p.
so, patient here is the key. RNS will come anytime this week i believe.
p/s: large huge BUY trade after close yesterday does tell us something.|
|scientologyweirdo: I see moreforus is voting me down as if that'll make any difference to the share price PMSL
Penny (only 1p mind) for the thoughts of messrs TOPINFO and simonparker5 ?|
|topinfo: No news is not bad news. News saying deal off or not completed would be bad news. Since they have not said that then one assumes its still deal on and they are in process of sorting completion paperwork out and legal issues etc which as anyone with half a brain knows can have some delays depending on the complexity. I would say no news is good news here as opposed to what the derampers are saying by no news is bad news.
I am confident we will get a completion Rns and money received Rns this week.
The distinct lack of sells tells me that many believe this deal will go through and its only those paid derampers that are panicking here, coz if it goes ahead and they get the cash expect a very significant mark-up in the share price of IPSA.
Lets see what 2moro and Friday brings eh.|
SummaryToday 13:59We have two turbines in south africa, value approx £ 15 mill (after depreciation) and £2.8 cash.
Company value £17.8 .
Thus the share price should be 14.6p.
|simonparker5: I make it that once the money is received we will have no debt and assets and cash of more than £12m. With a market cap of £4m at the current share price this has a lot higher to go.|
|drewz: Strategic questions IPSA's contract cancellation
Fri 22 Oct 2010
LONDON (SHARECAST) - AIM-quoted South Africa-based coal miner Strategic Natural Resources (SNR) has questioned whether South African power generator IPSA has the right to terminate their coal supply agreement.
SNR says it has not received any notice of termination from the IPSA subsidiary that signed the contract. This did not stop the SNR share price falling 2p to 16.75p.
AIM-quoted IPSA says that it cannot proceed with its agreement with SNR's 74%-owned subsidiary Elitheni to acquire 1m tonnes of coal a year for 20 years because of delays in signing up customers for the power from the proposed power plant at the mine mouth site at Indwe. IPSA blames delays in Eskom's Multi-site Baseload Independent Power Production Programme for this.
This termination announcement follows the removal of IPSA boss Peter Earl from the SNR board earlier this week because of a conflict of interest. Earl asked for a vote of confidence and all the members present voted against him. Elizabeth Shaw, who is SNR's finance director and a director of IPSA, remains on the board for the time being.
IPSA says that it still has an option over the Indwe site and plans other power plants in the Eastern Cape. However, it needs to agree sales contracts for the power before going ahead with the developments.
Ipsa share price data is direct from the London Stock Exchange