IPSA Group PLC Board Changes and Update re Settlement of Funds (5751U)
July 30 2015 - 6:15AM
UK Regulatory
TIDMIPSA
RNS Number : 5751U
IPSA Group PLC
30 July 2015
30 July2015
IPSA Group PLC
("IPSA" or the "Company")
Board Changes and Update re Settlement of Funds
The Directors of IPSA, the owner, operator and developer of
power generation capacity in South Africa, announce the resignation
of its Acting CEO, Peter Earl, and Finance Director, Elizabeth
Shaw. Mark Otto, the Chief Operating Officer, has been appointed as
new Acting CEO for an interim period. The resignations follow
discussions with Rurelec PLC, which is now in funds to pay part of
the monies owed by it to IPSA and in particular make payment on
IPSA's behalf of the initial amount now due to Ethos Energy of
EUR2.85 million by 31 August 2015. A further sum of EUR2.6m is due
to Ethos Energy by 30 September 2015. IPSA is in discussion with
Radix Investments Limited in relation to either an extension or a
refinancing of the loan of GBP500,000 and interest owed under that
loan. Rurelec has also agreed to pay shortly a further sum of
GBP300,000 to IPSA with the remaining balance of approximately
GBP585,000 owed by Rurelec to be paid thereafter.
Negotiations are also continuing also with potential black
economic empowerment (BEE) partners at Newcastle Cogeneration Pty
Limited as previously announced.
Speaking today, Peter Earl said: "I am honoured to have been on
the Board of IPSA since its inception. I leave the Board as planned
now that the initial payment to Ethos Energy is assured."
Commenting on the resignations, Richard Linnell, Chairman of
IPSA, said: "I thank Elizabeth and Peter for their hard work over
the years in challenging circumstances."
The Board intends to make further Director appointments in due
course.
For further information contact:
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
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This information is provided by RNS
The company news service from the London Stock Exchange
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