23 Apr 2018 13:46
23 April 2018
Legendary Investments PLC("Legendary" or the "Company")
Authorities to Operate Granted to IBS
Legendary is pleased to announce that IBS, the operating subsidiary of IBS Corporation Limited ("IBS Corp"), has been granted authorities to operate by the New Zealand regulatory authorities.
IBS is now able to establish its banking services platform with the ability to provide a range of financial services including investment banking, asset management and debt services tailored to corporate and high net worth clients.
The availability of investment banking, asset management and debt services to New Zealand SMEs is less well developed than in international markets. IBS is targeting opportunities in this area, providing debt funding and taking equity stakes in New Zealand SMEs. Target sectors include fintech, property and horticulture, agriculture and fisheries.
While awaiting the authorities to operate, IBS Corp has scoped several potential transactions in the fintech and property sectors. These transactions range in size from a few million dollars to several hundred million dollars plus. Following the granting of authorities to operate, work on these transactions will commence. IBS Corp has also identified several sources of funding lines for its business. IBS will not be taking deposits from the public nor will it be issuing debt securities in New Zealand.
Additionally, IBS Corp has identified a core group of professionals with international and New Zealand banking and financial sector experience to drive growth.
Further announcements will be made as appropriate.
Zafar Karim, Executive Chairman of Legendary, said:
"We are delighted that IBS has been granted the authorities to operate. Legendary was involved with IBS Corp from its establishment. In November 2017, following debt to equity conversions and further equity investments, IBS Corp was valued at US$10 million, increasing the value of Legendary's stake, acquired at nominal value, to US$1.1 million.
"Now that authorities to operate have been granted, IBS can commence providing services as a 'challenger' financial services platform, initially focussing in New Zealand and with ambitions to expand further into the most dynamic regions in the world. IBS expects to grow its business and create value rapidly. Importantly, the activities of IBS are complementary to the activities of Legendary thereby providing further opportunities for value generation."
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Legendary Investments PLC | Zafar Karim / Thomas Reuner
| 020 8201 3536 |
Grant Thornton UK LLP
| Colin Aaronson / Harrison Clarke | 020 7383 5100 |
S.P. Angel Corporate Finance LLP
| Richard Morrison | 020 3470 0504 |
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Legendary Investments PLC
Legendary Investments PLC is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.
www.leginvest.com