Dual-listed Ipsa now has six months to make an acquisition or acquisitions constituting a reverse takeover after concluding the sale of its sole operating asset.
The embattled group was now an Aim Rule 15 cash shell after selling subsidiary Blazeway Engineering, which owns Newcastle Cogeneration, to Sloane Corporation.
In January, Ipsa announced plans to sell the subsidiary to raise working capital and avoid sending the South African operating subsidiary into business rescue in the absence of other funding solutions.
Sloane Corporation, which is owned and operated by former Ipsa director Peter Earl, acquired Blazeway for £1.86-million, with £50 000 paid in cash and the balance settled through noncash considerations.
Conditions precedent were met and shareholder approval secured in February.