IPSA Group

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IPSA was established to develop, own and manage power generation plants in Southern Africa. The Company’s management has an established track record in developing power projects worldwide and with relevant experience in the electricity sector in South Africa. It has two principal business objectives, the development and ownership of power generation facilities in Southern Africa in order to sell electricity and/or heat or steam to companies and communities on commercial terms; and  in due course, the purchase, refurbishment and operation of existing power plants in the region.

Website:
http://www.ipsagroup.co.uk/
Phone:
+44 (0)20 7793 5615
Address:
5th Floor, Prince Consort House, 27-29 Albert Embankment London SE1 7TJ.
Super Sector:
Utilities
Sector:
Electricity
Industry:
Conventional Electricity
EPIC / Symbols:
LON:IPSA
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Sector: Electricity

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Current Statement

IPSA Group PLC ("IPSA") is a company incorporated in England and Wales which has been established to develop, own and manage power generation plants in southern Africa. The company has been quoted on the AIM Market of the London Stock Exchange PLC since September 2005 and on the Altx market of the Johannesburg Stock Exchange since October 2006.

 

The Company's management has an established track record in developing power projects worldwide and with relevant experience in the electricity sector in South Africa. It has two principal business objectives:

 

the development and ownership of power generation facilities in Southern Africa in order to sell electricity and/or heat or steam to companies and communities on commercial terms; and

in due course, the purchase, refurbishment and operation of existing power plants in the region.

For the majority of its projects, the Group intends to own the Project Company outright. However, where the Directors consider it advantageous, the Group will develop its power generation assets in conjunction with a project partner including Broad Based Black Economic Empowerment ("BEE") partners.

 

Current Operations

 

Newcastle, KwaZulu Natal

 

IPSA’s combined heat and power (“CHP”) in Newcastle is South Africa's first privately financed independent power plant, which is also South Africa's first independent gas-fired power station.

 

The Newcastle Cogeneration power plant was constructed within fourteen months. It produces both steam and electricity with a nominal power capacity of 18 MW and the capability to deliver just under 1 million tonnes of steam per annum. It operates as a combined cycle gas turbine (CCGT) plant, again the first in South Africa, using two Siemens Tornado gas turbines with two Aalborg steam boilers capturing the waste heat and turning the super-heated steam into additional electricity from a steam turbine. The plant provides steam and electricity to three industrial companies on site.

 

The plant operating as a CCGT has a thermal efficiency of nearly 56 per cent., which means that it produces around 40 per cent. less CO2 than a conventional coal-fired plant for every kilowatt hour of electricity it generates. This is one of the lowest emissions of CO2 of any thermal power plant in South Africa. For this reason the Newcastle plant may be eligible for carbon credits under the United Nations Clean Development Mechanism under the Kyoto Protocol.

 

 

Managment
Executive Directors

Phil Metcalf – Chief Executive Officer

Phil Metcalf has spent the last 25 years as a respected Executive in the energy, telecommunications and construction sectors in management and programme managemet roles of large and complex infrastructure projects.  He has been responsible for the development and commercialization of Pelamis Wave Power and Operations Director for Stone & Webster Engineering specializing in Emerging Markets.  He has an Engineering Science degree from Durham University.

Elizabeth R. Shaw – Chief Operating Officer

Elizabeth Shaw has been involved in the electricity sector since 1994 when she joined Fieldstone Private Capital Group. Between 1994 and 2000, as a director of Fieldstone, she advised on a number of mergers, acquisitions and disposals in the electricity industry, both in the UK and in developing markets. She joined Independent Power Corporation PLC as a director in 2000 where she is responsible for business development and finance. She is a director and founder of IPSA Group PLC. She is also an executive director of Strategic Natural Resources PLC. She is a graduate of Exeter University.

Michael Cox – Finance Director

Michael Neil Cox started his career as a stockbroker for Brewin Dolphin at the London Stock Exchange in 1972. He became a Member of the Institute of Chartered Accountants in England and Wales in 1980 whilst working for Geo. Little Sebire & Co. Since then he has had Financial Directorship roles at Acco-Rexel Group Holdings Plc until 1994, a European office products manufacturer with £230m turnover, and Lake & Elliot Group Ltd until 1996. Since May 2000, Michael has been a Partner with Price Firman, Chartered Accountants.

John M. Eyre – Technical Director

Mike is both a Chartered and European Engineer with over 30 years experience in project management and development in the power sector. As a CEGB engineer, Mike spent part of his early career on secondment to Eskom of South Africa. During the Privatisation of the UK electricity industry, he was Head of Engineering Quality with National Power leading the technical due diligence for significant international acquisitions. In 1996, he established a joint venture between National Power Plc and Lloyd's Register and became Principal Power Generation Lloyd's Register, implementing project development and risk management business for IPP's and the London Insurance industry. Mike was invited in 1997, by the UN Secretary General of the Rio Earth Summit, to join the UN Emissions Trading Policy Forum. Following this experience he focussed on efficient and sustainable energy production projects, including the founding of Bioethanol Ltd in 2001.

Non-Executive Directors

Richard Linnell – Non-Executive Chairman

Richard is a South African national. A geologist by training, he has over 35 years' experience in the resource industry in Africa, principally with companies now forming part of BHP Billiton. His last two executive roles were Regional Director of African Exploration and Development with Billiton and General Manager of Manganese at Samancor. After retiring from full time employment with the BHP Billiton Group, he served as a non-executive Director of Billiton (SA) Ltd., until 2003. He is non-executive chairman of Coal of Africa Ltd and a director of a number of other companies.

Peter R. S. Earl – Non-Executive Director

Peter Earl began his career at the Boston Consulting Group Inc. advising state-owned companies. In 1994 he acted on secondment to the World Bank and UNDP in Bolivia. He has advised governments on privatisations in Latin America and Eastern Europe having served as Deputy Chairman for the United Nations Economic Commission for Europe infrastructure finance group. He became a director of Fieldstone Private Capital Group in London in 1994, where he advised on cross-border power sector acquisitions and bids totalling approximately US$6 billion, involving 5,000 MW of installed generating capacity. In 1995 he founded Independent Power Corporation PLC and is also a director of IPSA Group PLC. He is an Oxford University graduate and was a Kennedy Scholar at Harvard University.

Neil Bryson – Non-Executive Director

His career has been in the energy sector: coal mining, power generation and renewable energy. He is chairman of ESD Biomass, an unquoted company, and was previously chairman of the Electricity Pool of England and Wales.

Rizelle Sampson – Non-Executive Director

Ms Sampson, who has an extensive business and civil service experience, is a former senior manager at the Ministry of Communications and Sentech Ltd. She started her career in the financial services sector and, since leaving government in March 2003, has played a prominent and influential role in a number of black economic empowerment transactions.
Corporate Information
Nominated Adviser & Broker

Execution Noble & Company Limited, 10 Paternoster Square, London, EC4M 7AL
www.execution-noble.com

Brokers

W H Ireland Limited, 24 Martin Lane, London, EC4R 0DR.

www.wh-ireland.co.uk

Registrars

Neville Registrars, Neville House, 18 Laurel Lane, Halesowen, West Midlands, B63 3DA.
www.nevilleregistrars.co.uk

Auditors

Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London, NW1 2EP
www.grant-thornton.co.uk

Solicitors

Skadden, Arps, Slate, Meagher & Flom (UK) LLP, 40 Bank Street, Canary Wharf, London, E14 5DS
www.skadden.com

Bankers

HSBC Bank plc, 13-14 Sloane Square, London, SW1W 8AL
www.hsbc.com
Contact Information

UNITED KINDGOM       
IPSA Group PLC

Prince Consort House

27 - 29 Albert Embankment

London SE1 7TJ

United Kingdom

 

Tel: +44 (0)20 7793 5615

Fax: +44 (0)20 7793 7654

 

 

SOUTH AFRICA      
PO Box 20988

Newcastle 2940

South Africa

 

Tel: +27 (34) 328 4481

Fax: +27 (34) 370 1256

 

Major Shareholders

The total number of IPSA securities in issue is 107,504,081

 

These shares are divided as follows:

AIM of the London Stock Exchange 86,734,418
AltX of the Johannesburg Stock Exchange 20,769,763

IPSA Group's significant shareholders are:

 

Shareholder Shares As percentage
Sterling Trust Limited 31,794,105 29.57
Metc Metlife Main Account - RSA 14,129,894 13,14
Credit Suisse Client Nominees (UK) Limited 11,538,700 10.73
Credit Suisse Securities (Europe) Limited 7,345,776 6.83
Lynchwood Nominees Limited 5,695,500 5.30
The Bank of New York (Nominees) Limited 4,431,435 4.12
HSBC Client Holdings Nominee (UK) Limited 3,736,370 3.48
Stephen Hargrave 3,670,370 3.41



IPSA Group's substantial shareholders are:

Substantial Shareholders 57,462,699 53.45%
Sterling Trust Limited 31,794,105 29.57
Metc Metlife Main Account - RSA 14,129,894 13,14
Credit Suisse Client Nominees (UK) Limited 11,538,700 10.73



IPSA Group's director shareholdings are:

Directors' Interests 16,043,362 14.92%
Neil Bryson 50,000 0.05
Michael Cox 40,000 0.04
Peter Earl 250,000 0.23
J. Michael Eyre 1,250,000 1.16
Rizelle Sampson*** 13,434,612 12.50
Elizabeth R. Shaw 1,268,750 1.18

 

***Rizelle Sampson is a director of Amandla Energy Resources (Pty) Ltd. for which Metc Met Main Acct RSA act as nominee

The percentage of shares not in public issue is: 55.23%

The percentage of IPSA shares held as treasury shares is: 0.0%

There are no restrictions on the transfer of IPSA shares.

This information was last updated: 30 September 2011

 

Click here for more investor information

Updated from company website 4/01/12

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