Legendary's proactive investment strategy is making progress and gaining momentum. The listings of Fastnet, Sula and Medgold demonstrate Legendary's ability to source investments that offer substantial returns. The exit from Fastnet demonstrates Legendary's ability to realise those returns. The investment in Creon was made at an early stage, and given the strength of Creon's shareholders and management, and the sector in which it operates, we believe significant potential exists for multiple returns.
VirtualStock is another extremely exciting prospect, positioned at the centre of the fast growing and exciting cloud based SaaS sector. Since Legendary's investment, VirtualStock has made dramatic progress including signing a potentially transformational contract with one the UK's largest retailers. VS is already revenue generating and profitable. We believe value crystallisation may be expected in the near to medium term.
Notable progress has been made at Bosques with it being ahead of the curve in innovation and achieving several firsts in its field. Work continues at Manas.
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