15 Nov 2017 10:50
15 November 2017
Legendary Investments PLC("Legendary" or the "Company")
IBS Corporation Limited ("IBS") valued at US$10 million
Legendary is pleased to announce that as a result of the progress being made at its investee company, IBS, initial seed investors have converted their IBS debt to IBS equity and further investors have taken up equity in IBS, all at a valuation of US$10 million. This values Legendary's resultant stake of 11.1%at at US$1.1 million (£845,000).
As announced on 7 August 2017, IBS is in the process of establishing a banking services platform with the ability to provide a range of financial services including investment banking, asset management, debt funding and insurance services aimed at corporate and high net worth clients, initially in New Zealand and then to other markets over time.
Zafar Karim, Executive Chairman of Legendary, said:
"We are delighted at the confidence of the initial seed funders and further funders of IBS in converting debt to equity and investing at a valuation of US$10 million. This values Legendary's IBS stake at £845,000 compared to the nominal valuation of just a few months ago."
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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 |
Beaufort Securities Limited | Elliot Hance | 020 7382 8300 |
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.