Deanowls21 Nov 2013 17:42
I've retained my core holding here & some News just out - don't know why the RNSs were released out of hours.
IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, today announces that, as part of its further expansion plans, its Newcastle Cogeneration subsidiary ("NewCogen") has entered into a contract to acquire two high efficiency Jenbacher 616 gas engines of 2 MW capacity each which, allowing for de-rating due to site conditions in Newcastle, KZN, will provide an additional 3.8 MW of capacity for selling power under NewCogen's existing MTPPP power contract with Eskom.
The consideration will be satisfied as to the sum of £1 million by an offset of approximately US$1.6 million against the debt of US $ 6.5 million still owed by Rurelec to the Company
Commenting on the acquisition, CEO, Phil Metcalf said: "The new capacity, which will operate at a significantly higher efficiency than that of the current plant, will enable IPSA to maximise the commercial potential of its existing MTPPP contract with Eskom." - (Abbreviated)
http://www.investegate.co.uk/ipsa-group-plc--ipsa-/rns/addition-of-new-generation-capacity-in-sa/201311211705036766T/
IPSA Group PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in southern Africa, today announces that Iris Ecopower Sdn Berhad ("Iris"), the Malaysian company with which it entered into a contract to sell two of its Siemens Westinghouse turbines in October 2012, has issued a claim against IPSA in the Malaysian courts for the recovery of US $3.1 million paid by way of deposit to IPSA plus costs and consequential losses amounting to approximately US $9.8 million in total. Iris failed to pay IPSA the balance of the consideration due, in spite of being granted time extensions by IPSA, and the deposit was forfeited in accordance with the terms of the contract signed by Iris and IPSA. The contract is governed by English law. Based on legal advice previously obtained, the Board of IPSA considers the claim to be entirely without merit. The board is taking further legal advice on this matter.
http://www.investegate.co.uk/ipsa-group-plc--ipsa-/rns/claim-by-iris-eco-power-sdn-berhad/201311211705186769T/
Doubt they'll have much of a Case but a good development re: New generation capacity