IPSA Group PLC Result of General Meeting (2534P)
17 February 2016 - 3:59AM
UK Regulatory
TIDMIPSA
RNS Number : 2534P
IPSA Group PLC
16 February 2016
IPSA Group PLC
("IPSA" or the "Company")
Result of General Meeting
Further to the announcement on 28 January 2016, IPSA announces
that at the General Meeting of IPSA shareholders held today the
resolution to approve the disposal of its 100 per cent. Interest in
its subsidiary Blazeway Engineering Limited ("Blazeway") (the UK
holding company which owns Newcastle Cogeneration Proprietary
Limited ("NewCogen")) to Sloane Corporation Limited ("SCL") was
duly passed.
The sale of Blazeway to SCL remains subject to a number of
conditions precedent including approval being granted by the
Industrial Development Corporation of South Africa ("IDC") under
the terms of the loan agreement between NewCogen and IDC, as well
as the approval of certain other of IPSA's creditors to the
assumption by SCL of GBP1,866,000 of indebtedness of the
Company.
A further announcement on the satisfaction of these conditions
or otherwise will be made in due course. The transaction is subject
to a longstop date of 29 February 2016.
If all other conditions precedent are met IPSA would be regarded
as an AIM Rule 15 cash shell, and would be required to make an
acquisition or acquisitions constituting a reverse takeover under
the AIM Rules within 6 months.
For further information contact:
Mark Otto, Acting CEO
IPSA Group PLC +27 (84) 219 2000
James Joyce / James Bavister +44 (0) 20 7220
W H Ireland Ltd 1666
Riaan van Heerden,
PSG Capital (Pty) Ltd. +27 (0) 21 887 9602
This information is provided by RNS
The company news service from the London Stock Exchange
END
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