This is probably very speculative

... and definately not for the widows and orphans fund but did anybody notice that SENS announcement from IPSA late in the day?

Here it is in a nutshell:

IPSA PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces that on 5 March 2010 the Company entered into an agreement with RAB Energy Fund Limited and certain other investors (together the "Loan Note Holders") to issue GBP650,000 of unsecured loan notes (the "Loan Notes") to the Loan Note Holders.

On the same day, the Company also entered into an agreement with Standard Bank PLC ("Standard Bank") and TurboCare S.p.A. ("TurboCare") regarding the marketing of the Company`s gas turbines, which also provides a standstill arrangement
regarding funds due to both these parties.

Now IPSA's problems with Eskom have been well documented - they've been royally screwed over and now suddenly Eskom has realised that perhaps independant power producers (IPPs) may actually serve a purpose.

The tone of the IPSA SENS announcement is pretty downbeat - but GBP650000 of unsecured financing is a sizeable chunk of change for a business which should be technically failing.

For me what is interesting is that since the start of the year the share has lost 17% and is now trading around 140c. If you go back to when the shit really hit the fan at Eskom, this was priced around R2 a share... Logically the case for IPPs has been reinforced by this whole Nersa tariffs issue.

As I said - not for the widows and orphans but definately something which could be worth a cheap and nasty punt?