LONDON (Alliance News) - IPSA Group PLC said Monday its working capital remains "extremely tight" and it remains a possibility that it may have to be placed into administration, as it said it still not in a position to announce last financial year results.
The company was due to publish its results for the year to end-March by the end of September. However, as it was unable to do so by that time, its shares were suspended from trading on AIM towards the end of September.
Interim results it was due to release by the end of December also will not be released, IPSA said, and its shares will remain suspended until both sets of results are published.
In November, the developer, owner and operator of power generation capacity in South Africa said that a gas turbine at its power plant in Newcastle, KwaZulu Natal in Southern Africa had experienced mechanical failure. At that time it estimated that the cost of repairs would be around GBP300,000 and lodged an insurance claim.
On Monday, IPSA said it is "reliant on the forbearance of creditors and the possibility still exists that the company may have to be placed into administration."
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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