15 May 2012 11:45
15 May 2012
Legendary Investments Plc
("Legendary" or the "Company")
Terra Energy Limited and update
In May 2011, Legendary invested €30,000 in Terra Energy Limited ("Terra"), an oil and gas company. Legendary is pleased to announce that Terra has entered into a transaction ("Transaction") with Sterling Green Group plc that is expected to result in Terra being listed by way of reverse takeover on the AIM market of the London Stock Exchange and the Enterprise Securities Market of the Irish Stock Exchange. Terra will be renamed Fastnet Oil & Gas Plc. The Transaction is subject to the approval of the shareholders of Sterling Green Group plc at a general meeting to be held on 8 June 2012.
Following the completion of the Transaction, Legendary will be a shareholder in Fastnet Oil & Gas Plc and the value of Legendary's investment in Terra is expected to generate a return in excess of 100% on Legendary's investment of 12 months ago. The Transaction demonstrates Legendary's ability to source and take positions in companies that are considered to be well run and have a near to medium term catalyst to increase value.
Legendary's other investments, Bosques Energeticos EBE S.A. de C.V., Medgold Resources Limited and Undrawn Reality Limited continue to progress. In addition, Legendary continues to work on sourcing and completing additional investments.
Further announcements will be made as appropriate.
Contact: | ||
Legendary Investments Plc | Zafar Karim / Rajesh Rai / Thomas Reuner
| 020 8201 3536 |
Grant Thornton Corporate Finance
| Colin Aaronson/ Melanie Frean
| 020 7383 5100 |
Simple Investments | Nick Emerson/ Andrew Thacker | 01483 413500 |