21 Jun 2018 10:50
21 June 2018
Legendary Investments PLC("Legendary" or the "Company")
Crowd for Angels (UK) Ltd Update
Legendary is pleased to report that since its investment in Crowd for Angels (UK) Ltd ("CfA"), CfA has made significant progress in its business.
CfA's Liquid Crypto Bond ("Bond") issue and Initial Coin Offering ("ICO"), launched at the end of 2017, will see the majority of up to 5 billion "ANGEL tokens" ("Tokens") issued to investors. The Tokens, which are being issued as a reward for investing in the Bonds and, to provide liquidity, have been listed on the crypto currency exchange GetBTC (https://getbtc.org). The Tokens are currently trading at a price of approximately 1.7 million Tokens to 1 Bitcoin.
The ICO of its Tokens led to CfA raising funds with its ongoing Bond issue. Funds raised from the Bond have started to be invested in crowd bond issues listed on the CfA platform, helping a range of small businesses to finance the next stage of their growth plans. In addition, the experience gained during its ICO has led Crowd for Angels to offer new products and services including crypto backed bonds, private sales for Tokens and seed capital for crypto companies.
As part of the ICO strategy, the Tokens are also being used as a marketing tool, rewarding investors for engaging with the Crowd for Angels platform, advertising and media. Using various Token based marketing strategies, Crowd for Angels has risen from fifth (at the time of Legendary's investment in late December 2017) to third place in the most visited UK crowdfunding platforms (according to Alexa.com) after seeing website visitor figures grow by 290% between March and the end of May this year.
Tony De Nazareth, CEO & Founder of Crowd for Angels (UK) Ltd, commented:
"We are delighted that the successful Initial Coin Offering has progressed as planned. The ANGEL tokens themselves have been well received by investors, provided us with new, cost efficient ways to market our services and provided the backbone of new product launches. We look forward to reporting on further growth in the coming weeks and months."
Zafar Karim, Executive Chairman of Legendary Investments PLC, commented:
"We are pleased at the progress Crowd for Angels has made in the six months since Legendary's investment. Its innovative nature, attested to by its track record, is helping grow and drive its business forward.
"As the investment was made in December 2017, after the date of Legendary's interim results, the interim balance sheet does not include this investment, valued at the time of the investment, using the historic cost or latest transaction value at £360,000. With the successful ICO, three-fold growth in website visitor figures and a rise in ranking from number 5 to number 3, there has been significant progress. We look forward to further news from Crowd for Angels."
- ENDS -
Legendary Investments PLC | Zafar Karim / Thomas Reuner
| 020 8201 3536 |
Nominated Adviser | ||
Grant Thornton UK LLP Broker | Colin Aaronson / Harrison Clarke | 020 7383 5100 |
S.P. Angel Corporate Finance LLP
| Richard Parlons / 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 Crowd for Angels
Crowd for Angels goal is to bring innovative and appealing products to investors and to provide funding for companies throughout their growth cycle. We help companies raise funds through the issue of shares and bonds on our regulated crowdfunding platform.
Our investors get the opportunity to invest in shares in a tax efficient manner through the use of SEIS/EIS tax relief and through bonds that can be held in a tax free IF-ISA wrapper. We never charge our investors any fees and companies looking for investment only pay if the funding is a success.
www.crowdforangels.com
About Legendary Investments PLC
Legendary Investments PLC focuses on assisting companies and making investments in which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Legendary takes stakes 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