Over the last few years, Legendary has been recapitalized and quietly built up a diversified and strong investment portfolio. Its proactive strategy is to build value in its investments through more than just the provision of capital. The listing of three of Legendary’s investments and its exit of Fastnet validate its strategy. However the real value lies in the value being built up, particularly in VS and Bosques Energeticos, which is not reflected in its NAV, nor in Legendary’s share price. Its listed resource investments, while doing all the right things, are currently AIM and TSX-V “out of favour” mining companies. The value being created in Creon is also a potential game changer. We believe the shares are undervalued. SPECULATIVE BUY - 29/08/13
Almost 33 million shares sold and no drop WHY does somebody know something and they will all regret in the near future im holding no way am I selling there is good times ahead beware DONT SELL, or sell at your peril.
Legendary currently has three unlisted investments:
VirtualStock is cloud-based software as a service business. Its best in class solution enables retailers to sell products online without the associated costs and risks of holding stock. Legendary’s stake in this exciting company could potentially be worth more than Legendary’s market capitalisation. Value crystallisation could be near to medium term.
Bosques Energeticos is a research and innovation led Mexican biodiesel feedstock company, which has achieved many “firsts” in Mexico and is now looking to expand. Again, Legendary’s stake in this company could potentially be worth more than Legendary’s market capitalisation.
Manas Minerals is an exploration and development company which has a licence over Padsha Ata in Kyrgyzstan, an area which may contain coal resources of almost US$4 billion.
Legendary has three core listed investments:
Creon Resources Plc is a very promising resource and resource infrastructure investment company which has an investment in an offshore rig yard in China and a ferrous metal trader.
Medgold Resources Corp. is a gold exploration and development company which aims to become the leading gold company in Europe.
Sula Iron and Gold Plc is an iron and gold exploration and development company in Sierra Leone.
Legendary’s experienced management team runs a very tight ship. Costs are kept to a minimum and directors’ remuneration is aligned to shareholder returns with out-of-the-money options. Cash remuneration is paid only when investments are realised at a profit.
Listings and exits of some of Legendary’s earlier investments validate its strategy. Substantial value is being built up, particularly in VirtualStock and in Bosques Enegticos, which is not reflected in Legendary’s NAV, nor in its share price.
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