IPSA.L Regulatory News (IPSA)

16 Oct 2006 07:00

IPSA Group PLC16 October 2006 16 October 2006 IPSA Group plc ("IPSA" or the "Company") Dual listing on ALTx and placing to raise £2.1m IPSA, the AIM listed independent power plant developer with operations inSouthern Africa, is pleased to announce that, on 19 October 2006, all of theissued ordinary shares of the Company will be introduced to ALTx, thealternative exchange of the Johannesburg Stock Exchange Limited in South Africa.In addition the Company announces that 5,499,839 new ordinary shares have beenplaced with South African institutions (the "Placing") for cash and these sharesare to be admitted to trading on both AIM and ALTx. Following the Placing IPSAwill have a total of 60,129,469 ordinary shares of 2 pence each in issue. The Placing, which has been done at a placing price of 38.5p (South African Rand("ZAR") 5.62) per new ordinary share, will raise gross proceeds of approximately£2.1m (ZAR 30.9m at the exchange rate at close of business on 2 October 2006)for the Company. Application has been made for the Placing shares to be admitted for trading onAIM on 19 October 2006. Copies of the Pre-Listing Statement (the "PLS"), which provides shareholderswith further information relating to the introduction to ALTx and the Placing,will be posted to IPSA's existing shareholders on 19 October 2006, the same dayas the transaction is effected, and will be available at the Company'sregistered office, free of charge, for a period of one month following the dateof admission of the new ordinary shares. Peter Earl, CEO of IPSA, commented: "We are very pleased to announce the listing of the Company's shares on ALTx andthe results of the fundraising. We are very proud to be the first company to bedually listed on AIM and ALTx, and we believe that this will help us furtherpenetrate the South African power market and achieve our aim of becoming SouthAfrica's leading independent power provider." For further information contact: Peter Earl, CEO, IPSA Group Plc 020 7793 7676 Liz Shaw, COO, IPSA Group Plc 020 7793 7676 Mark Froggatt, Noble & Company Limited 020 7763 2200 Allan Piper, First City Financial 07736 064982 020 7436 7486 This information is provided by RNS The company news service from the London Stock Exchange