25th Oct 2006 13:45
IPSA Group PLC25 October 2006 25 October 2006 IPSA Group PLC ("IPSA" or "the Company") Strategic Investment Placing of 6,000,000 new shares for cash IPSA, the AIM and ALTX dual listed independent power plant developer withoperations in southern Africa, announces that on 24 October 2006 STANLIB AssetManagement Limited ("Stanlib") agreed to subscribe for 6,000,000 new ordinaryshares of 2 pence each in a placing for cash ("the Placing") at a placing priceof 6.05 Rand (approximately 42 pence) per ordinary share in IPSA. Following thePlacing Stanlib will be interested in 9.07 per cent. of the enlarged issuedshare capital of the Company. Following the Placing, IPSA will have 66,129,469 fully paid shares in issuetrading on both AIM and ALTX. The proceeds of the Placing will be used for theGroup's working capital requirements as it develops new power generationcapacity in southern Africa. The new ordinary shares will rank pari passu in all respects with existingordinary shares. Application has been made to admit the new ordinary shares fortrading on AIM. Simultaneously, application has been made to ALTX to admit theshares to listing. Admission of these new shares to trading on both markets isexpected to be effective on 2 November 2006. Speaking today, Peter Earl, CEO of IPSA, said, "I am delighted that Stanlib hasmade an investment in IPSA and has added its name to our list of blue chip SouthAfrican shareholders. Our flotation on ALTX was intended to bring SouthAfrica's top institutions onto our share register as we invest in new powerplants to meet South Africa's growing need for electricity. I welcome theaddition of Stanlib to that list." 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 Sean Lunn, Hichens, Harrison & Company Plc 020 7382 7790 Allan Piper, First City Financial 07736 064982 020 7436 7486 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
IPSA.L