LONDON (Alliance News) - IPSA Group PLC on Wednesday said it has requested the continued suspension of its shares as it works to clarify its financial position.
IPSA, now a cash shell following the sale of its Newcastle Cogeneration Pty Ltd power producer business, said its financial position remains "difficult and uncertain".
It said it remains reliant on creditors as it seeks to realise the proceeds from the sale of its assets.
IPSA said it currently owes is creditors around GBP3.95 million, compared to the GBP4.0 million valuation of the balance of plant assets held and GBP1.3 million due in receivables.
IPSA said its focus will be on realising sufficient funds from its asset sales to meet its creditor obligations but said there is no guarantee it will be successful in selling the assets and the risk remains that it may have to be placed into administration.
IPSA shares haven't traded since September, last quoted at 1.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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