IPSA Group PLC ("IPSA" or "the
Company") Completion of Sale of Turbines
IPSA Group PLC (AIM:IPSA), the developer, owner and
operator of power generation capacity in Southern Africa,
announces that the sale of two of its Siemens Westinghouse
701 DU gas turbines to Bright Day Pte Limited ("Bright
Day") completed yesterday.
The sum of US$31 million being the balance of the US$35
million purchase price for the pair of turbines and
ancillary equipment has been paid by Bright Day to a trust
account operated by the Company's two key creditors,
Standard Bank PLC and Turbocare SpA. Following disbursement
of funds to the key creditors the Company's
indebtedness will be reduced by approximately £22.6m,
leaving approximately £15.5m outstanding in aggregate.
Repayment in full of the Standard Bank loan and other
creditors of the Company is expected to take place on
completion of the sale of the remaining pair of turbines
which are under contract to Lezayre Holdings Limited at a
price of US$31m. Until then, the Group's working
capital will continue to remain extremely tight.
Commenting, Richard Linnell, Chairman of IPSA, said:
"I am pleased to have achieved this important
milestone and whilst the completion has not resulted in the
release of working capital for the Company, it is an
important step on the path to recovery and has paved the
way for a strong start to 2012".
For further information contact:
Phil Metcalf, CEO, IPSA Group PLC
|
+44 (0)20 7793 5600
|
John Llewellyn-Lloyd / Harry Stockdale, Execution
Noble & Company Ltd
|
+44 (0)20 7456 9191
|
Riaan van Heerden, PSG Capital (Pty) Ltd
|
+27 (0)21 887 9602
|
Harry Ansell / James Joyce W H Ireland Ltd
|
+44 (0)20 7220 1666
|
distribué par | Ce noodl a été diffusé par IPSA Group plc et initialement mise en ligne sur le site http://www.ipsagroup.co.uk. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-12 13:43:07 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |