LONDON (Alliance News) - IPSA Group PLC on Tuesday said its focus is now on finding a suitable reverse takeover partner as it completes the sale of its assets.
IPSA said it made a pretax loss GBP246,000 in the half to the end of September, compared to GBP747,000 a year earlier, as revenue declined to GBP1.7 million from GBP1.9 million.
The results are the last from the company including the Newcastle Cogeneration Pty Ltd power producer business it has now sold. IPSA is still working on selling remaining equipment held in Italy in order to reach settlements with its creditors.
At the same time, as it is now classed as a cash shell under AIM rules, IPSA is seeking to agree a reverse takeover in order to keep hold of its listings in London and Johannesburg.
IPSA shares are currently suspended on AIM.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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