LONDON (Alliance News) - Legendary Investments PLC on Tuesday swung to a full-year pretax profit, proposed a change of name and share consolidation.
The investment company swung to a pretax profit of GBP664,000 for the year to the end of March, from a loss of GBP281,000 the year before, due to increased net fair value gains on investments to GBP1.2 million from GBP45,000.
The company holds interests in biodiesel company Bosques Energeticos SA de CV, Serbia-focused exploration firm Medgold Corp, Manas Resources LLP, Amedeo Resources PLC, Virtual Stock Holdings Ltd and IBS Corp Ltd.
The total value of investments increased by 44% to GBP6.2 million from GBP4.3 million the prior year.
In addition, Legendary Investments proposed to change its name to Eight Peaks Group PLC, and has also proposed to consolidate its shares in the ratio of 377.19 shares to one new share.
"Having proved our model, we now plan to take Legendary to the next stage of its development. We have plans to augment the Board to bring in additional skills, experience and networks. In addition, after a wide ranging consultation, we have found that the name "Legendary" in several circles is associated with its pre 2011 history and management," the company said in a statement.
Shares in Legendary Investments were up 4.0% at 0.10 pence on Tuesday.
