8PG.L Regulatory News (8PG)

 24 December 2014

LEGENDARY INVESTMENTS PLC ("Legendary" or the "Company")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2014

EXECUTIVE CHAIRMAN'S STATEMENT

During the period under review, Legendary supported acceleration at the key investments. Value was crystallised at Virtual Stock Holdings Limited ("VS") while at the same time Legendary's stake in VS was increased. Bosques Energeticos EBE S.A. de C.V. ("Bosques") successfully cultivated advanced jatropha and pongamia. Amedeo Resources PLC ("Amedeo") laid the keel on its first jack up rig and its offshore vessel yard became fully operational. In addition, GBP900,000 was raised by way of an issuance of equity. One investment was divested and the proceeds invested into another investment. The focus, however, was firmly on proactively working with the key investments.

The dramatic progress made at VS since Legendary's investment and proactive involvement led to it being able to raise growth funding in April 2014 at a valuation of GBP25.4m versus the GBP2.1m valuation that Legendary invested at in October 2012, a multiple of over 12x VS's valuation at the time of Legendary's in initial investment. As part of the fund raise, Legendary obtained additional warrants and options which allowed it to, in June 2014, increase its stake from 2.2% of VS to 5.6% of VS. Legendary's stake in VS is valued at GBP1,489,000 as at 30 September 2014.

Following VS's fund raise progress at VS continued. In May 2014, VS was accepted on the UK Government's G-Cloud 5 Framework ("G-Cloud 5") program, the public sector's online IT products and services procurement platform for cloud-based services. Discussions are underway with the National Health Service with respect to it using VS services to track inventory. As the period progressed, it became clear that VS's solutions are applicable in any data management situation in which components need to interface with each other. This, the "integration" market is worth c.US$300-500 billion per year. VS's solutions are a rapid, flexible and scalable alternative to traditional systems integrations. As a result, VS is now in various stages of discussions with clients in sectors other than just online retail referencing its cross-sector applicability.

Progress was also made with Bosques. Over the last few years Bosques has developed elite jatroptha and pongamia varieties (G4J and G2P) which provide both high and early yields. On the back of this, in July 2014, Bosques announced that it had 18 ha under cultivation, the original 11 ha in Puebla and another 7 ha in Morelos, with 16,000 pongamia trees, 28,000 jatropha plants and 3,000 castor plants. Bosques's focus on agronomy has led to the development of elite plants, and its focus on the business model led it, from the outset, to use intercropping and mixed cropping techniques to potentially bring forward and increase returns while at the same time reducing risks. Recently these innovations were recognised by a leading biofuel journal, "Biofuels Digest". See http://www.biofuelsdigest.com/bdigest/2014/12/16/a-new-three-legged-platform-for-the-advanced-bioeconomy-the-castor-jatropha-pongamia-strategy/. Bosques is now seeking partners to take its plantations to commercial pilot size.

Amedeo continued to make progress. In April 2014, the keel of Explorer 1, Amedeo's first jack up rig order was laid at, importantly, Amedeo's new offshore vessel yard. Explorer 1's build is currently on schedule and to quality, and it is expected to be delivered in 3Q15. Moreover, the new yard is fully operational. Discussions with new potential customers are on-going, and despite the declining oil price, the new yard's management are confident of obtaining further orders. Approximately half the world's offshore rig fleet is over 25 years old and replacement cannot be postponed indefinitely. Amedeo's 49% investee, MGR Resources PTE ltd ("MGR"), remained profitable despite a fall in iron ore prices. In addition, MGR improved the quality of its contracts.

Progress was also made at Legendary's earlier investments. Manas Minerals LLP ("Manas") has maintained the Padsha Ata Licence. Discussions continue in terms of realising the investment. Sula Iron and Gold PLC ("Sula") was very active during the period under review. It raised funds and continued its exploration activities. This culminated, post period, in Sula announcing its maiden mineral resource estimate of a total resource of 515 million tonnes at 31.8% Fe. Similarly, Medgold Resources Corp. ("Medgold") continued to make progress announcing high grade mineralisation at its Lagares Gold project. Regency Mines PLC ("Regency") did not perform as expected, and following the disposal of its stake in Oracle Coalfields PLC ("Oracle"), in May 2013, a decision was made to dispose of Regency and invest the proceeds in Oracle. This process was completed in June 2014. Oracle made progress during the period under review raising money and in September 2014 entering into a framework agreement with SEPCO Electric Power Corporation, one of China's leading power and construction groups. Unfortunately, on 11 December 2014, post the period under review, Oracle announced that it had received notification that its Mining Lease for Block VI of the Thar coalfield had been cancelled. This cancellation is being appealed. Legendary maintains its interests in Manas, Sula, Medgold and Oracle.

In May 2014, Legendary raised GBP900,000, by way of a placing of 818,181,817 ordinary shares of 0.10 pence nominal value ("Ordinary Shares") each at a price of 0.11 pence per new Ordinary Share. The shares were placed with a range of institutional and private investors. As part of the placing, Zafar Karim subscribed for 22,727,273 new Ordinary Shares for GBP25,000 at the placing price resulting in his interest in Legendary rising to 55,727,273 Ordinary Shares, representing 2.3% of Legendary's enlarged share capital. Following the placing Legendary has 2,461,530,833 Ordinary Shares in issue.

During the six month period ended 30 September 2014, Legendary made a loss on investments of GBP117,000 (2013: loss GBP77,000). This was due to a fall in the values of the listed investments, particularly Medgold and Amedeo. Administrative expenses were broadly maintained at the same level as the previous period. Excluding the non-cash share option charge they were GBP93,000 (2013: GBP89,000) and including this charge they were GBP110,000 (2013: GBP101,000). The operating loss was GBP227,000 (2013 loss: GBP178,000). There were GBP4,000 of finance charges (2013: nil) as a result of Legendary taking out a short term loan of US$250,000 in December 2013 which was repaid in the period. The loss before taxation for the period was GBP231,000 (2013 loss: GBP178,000).

Legendary ended the period with GBP1,902,000 (2013: GBP432,000) of investments, an increase of 340%, GBP301,000 (2013: GBP53,000) of cash, an increase of 467%, GBP2,136,000 (2013: GBP388,000) of net assets, an increase of 451%, and GBP2,224,000 (2013: GBP508,000) of total assets, an increase of 338%. In August 2014, Legendary paid back the short term loan of US$250,000.

The period under review has been one of progress. Legendary continues to assist its investee companies and evaluate new potential investments.

For further information, please contact:

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.

PROFIT AND LOSS ACCOUNT

for the six months ended 30th September 2014

BALANCE SHEET

as at 30th September 2014

CASH FLOW STATEMENT

for the six months ended 30th September 2014

Notes to the unaudited Interim Results

1. Accounting Policies

The accounts have been prepared in accordance with applicable accounting standards under the historical cost accounting rules, modified by the revaluation of investments.

2. Basis of Preparation of Half Yearly Financial Information

These unaudited interim financial statements for the six months ended 30 September 2014 have been prepared in accordance with United Kingdom Generally Accepted Accounting Standards. The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.

The comparative financial information for the year ended 31 March 2014 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts of Legendary Investments PLC for the year ended 31 March 2014 have been reported on by the Company's auditor and have been delivered to the Registrar of Companies.

The current and comparative periods to September have been prepared using accounting policies and practices consistent with those adopted in the annual financial statements for the year ended 31 March 2014 and are also consistent with those which will be adopted in the 31 March 2015 financial statements.

The Company is not required to prepare financial statements in accordance with International Accounting Standards as it is not a parent company. The directors are of the opinion that the adoption of International Accounting Standards would have no material impact on the reported results and will therefore continue to apply UK Generally Accepted Accounting Standards, but will reconsider the position should the Company's activities lead to a material difference between the accounting bases.

3. (Loss)/Earnings Per Share

The calculation of earnings per share is based on the (loss)/profit for the period divided by the weighted average number of ordinary shares in issue during the period of 2,191,531,501 (2013: 1,643,349,016).

4. Half Yearly Report

The half yearly report, including the financial information contained herein, is the responsibility of, and was approved by the directors on 24 December 2014. The continuing obligations of the AIM Rules for Companies require that the accounting policies and presentation applied to the half yearly figures should be consistent with those applied in preparing preceding annual accounts except where any changes, and the reasons for them, are disclosed. The results for the six months ended 30 September 2014 and 30 September 2013 are unaudited and have not been reviewed by the auditor.

Copies of this report are available on the Company's website, www.leginvest.com