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9 May 2011 11:30
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9 May 2011
IPSA Group PLC
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("IPSA" or "the Company")
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Change in Repayment Date of Loan Notes and adjustment of warrant price
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IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that that the repayment date of its outstanding issue of Β£650,000 of nominal value of Loan Notes, together with accrued interest, which were issued to RAB Energy Fund Limited and certain other investors on 5 March 2010, has been extended to 31st July 2011.
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As part of the extension negotiations, the Company has agreed to re-set the exercise price of the warrants to 13.5 pence per ordinary share and, as a result of the extension of the Repayment Date, the exercise period now ends on 31st January 2014.
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No other amendments to either the Loan Note Instrument or the Warrant Instrument have been made.
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The Company intends to repay the Loan Notes either from a re-financing of IPSA's wholly owned power generation subsidiary, Newcastle Cogeneration ("NewCogen") or out of the proceeds of the sale of the 701 D turbines. The directors are satisfied that progress is being made on both matters.
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For further information contact:
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Β Peter Earl, CEO, IPSA Group PLC | Β +44 (0)20 7793 5615 Β |
Β John Llewellyn-Lloyd / Harry Stockdale, Execution Noble & Company Ltd | Β +44 (0)20 7456 9191 Β |
Β Riaan van Heerden, PSG Capital (Pty) Ltd | Β +27 (0)21 887 9602 |
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