News blog
IPSA Group
- BY: Andrew Hore |
- POSTED: 27/02/2011 |
South Africa-focused power generation projects developer IPSA Group is raising £1m at 8p a share in order to provide working capital for the Newcastle Cogeneration (NewCogen) plant.
IPSA admits that this is not enough cash to finance all of its medium and long term requirements. IPSA is trying to sell four Siemens Westinghouse 701 DU gas turbines in order to raise cash to reduce its borrowings and pay other creditors. Indicative offers are under consideration. It also needs to refinance loans. IPSA owes £37m to banks and other creditors.
IPSA plans to restart production at NewCogen following its recent gas supply agreement.
All outstanding warrants will now be exercisable at 8p a share.
At 8.12p a share, IPSA is valued at £7.72m.
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