5 Oct 2015 09:32
5 October 2015
Legendary Investments Plc("Legendary")
Moonpig.com founder purchases stake in Virtualstock Holdings Ltd at a Valuation of £58 million
Legendary is pleased to announce that Nick Jenkins, founder of Moonpig.com and angel investor has purchased a small stake in Virtualstock Holdings Limited ("VS") at a valuation of £58 million from two of the founders of VS. The transaction is structured such that should VS issue shares at a valuation lower than an agreed premium to the £58m valuation or fail to reach certain long term targets, the selling founders shall have to compensate Mr Jenkins by transferring to him further shares. The selling founders and their families continue to hold 25% plus of VS each and remain fully commited to the business.
The valuation reflects the significant progress that VS has made since the April 2014 valuation of £25 million, and its continuing substantial potential. It places a value of just over £4 million on Legendary's stake.
Nick Jenkins, Angel Investor, said:
"I am delighted to be a shareholder in Virtualstock and in particular, I am extremely excited about the enormous cost saving potential this groundbreaking technology will bring to the NHS."
Andrew Mills, Chief Executive Officer of VS, said:
"We are delighted to have Nick Jenkins as a shareholder, and welcome his experience and expertise in taking Virtualstock to the next stage of its development."
Zafar Karim, Executive Chairman of Legendary said:
"We are delighted that Nick Jenkins has taken a stake in Virtualstock. Nick is an established angel investor and has significant experience in the technology sector having founded, grown and sold Moonpig.com. His network and experience in building disruptive business models will be invaluable to Virtualstock. We welcome having him as a fellow shareholder".
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For further information, please contact:
Legendary Investments Plc | Zafar Karim / Thomas Reuner
| 020 8201 3536 |
Grant Thornton UK LLP
| Colin Aaronson/ Melanie Frean / Harrison Clarke | 020 7383 5100 |
Beaufort Securities Limited
| Zoe Alexander | 020 7382 8300 |
Peterhouse Corporate Finance | Duncan Vasey/Heena Karani | 020 7469 0933 |
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.
For more information, visit www.leginvest.com
About Virtualstock Holdings Limited
Virtualstock is a disruptive, British software company at the forefront of today's technology revolution. With a decade of cloud expertise, Virtualstock delivers radical solutions, enabling organisation's to plan, grow and achieve their most ambitious missions.
Virtualstock's game changing approach challenges the costly and time-consuming process of traditional systems integration. Utilising agile, open source technology, the Virtualstock team has developed a unique way for information to flow between any set of fragmented systems, without disruption to any existing IT landscape. Data is seamlessly collated, enriched, mapped and validated, allowing only trusted, reliable information to be deployed across the enterprise.
For more information, visit http://www.virtualstock.co.uk