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Legendary Invest PLC (LEG)

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Wednesday 26 April, 2000

Legendary Invest PLC

Stake Taken in Legends Surf Shops plc

Legendary Investments PLC
26 April 2000


                      Legendary Investments plc
                                  

    Legendary Investments plc takes stake in extreme board sports
                  retailer, Legends Surf Shops plc

                                  
Legendary  Investments  plc ('Legendary'),   announces  that  it  has
entered  into an agreement to acquire 10,000,000 ordinary  shares  in
Legends Surf Shops plc ('Legends'), a niche retailer of clothing  and
accessories  associated with surfing, snowboarding and other  extreme
board sports, for an aggregate consideration of £550,000

Legends, whose shares are currently traded on Ofex, operates  through
fourteen stores in eleven major towns throughout central and southern
England, selling its own product lines alongside branded ranges  from
America  and  Australia, some of which are exclusive to the  company.
Stores are located at Oxford, Cheltenham, Birmingham, Leamington Spa,
Southampton,  Croydon,  Brighton,  Reading,  Kingston  upon   Thames,
Watford and Chester.

Turnover has increased from £1.5m to £4.19m in the three years to  31
January  1999.  Over  the same period pretax profit  has  risen  from
£56,000  to £401,000.  Pretax profit in the year 31 January  2000  is
expected to be at least £525,000.

Legendary  is  purchasing  10,000,000  ordinary  shares  in   Legends
(representing 18% of the issued share capital of Legends) from two of
its  directors, Christian and Adrian Stewart ('the vendors')  for  an
aggregate  consideration of £550,000 payable in cash  at  completion.
In  addition,  the Vendors will subscribe for shares in Legendary  to
the value of £50,000 in aggregate at completion. The new shares to be
issued  to the Vendors will rank pari passu in all respects with  the
existing ordinary shares of  Legendary.  Application will be made for
the  new  shares  to  be  admitted  to  trading  on  the  Alternative
Investment Market in due course.

Legendary  is also being granted warrants to subscribe for 10,000,000
ordinary  shares in Legends at an exercise price of 4.5p  per  share,
exercisable  at any time up to the second anniversary of  completion.
Completion  is  conditional upon sufficient authority  to  issue  the
warrants  being  obtained from the shareholders in  general  meeting.
That authority is expected to be obtained  prior to the end of May.

Shami Ahmed, Chief Executive, Legendary Investments plc, commented:

'Legendary  Investments has identified Legends  as  a  business  that
would  benefit  from  developing  its  internet  strategy.   We   see
tremendous  value  in  the  business already  given  its  established
presence  on  the  high  street and its  in-depth  knowledge  of  its
marketplace.

Legendary  will  help  Legends develop a  multiple  channel  strategy
including  the  direct to consumer infrastructure - order  management
capabilities, call centre and fulfillment to consumer.  There is  the
unique opportunity to integrate transactions, information and service
across  all  channels - stores, call centres and  the  Web;  allowing
consumers  to  buy in one channel, change an order  in  another;  and
track  status  in  a third.  Such a multi-channel player  will  offer
access, customer service and speed not to be matched in the old world
of retailing.

'Furthermore, Legends will seek acquisition opportunities  that  will
exploit its investment in internet technology or increase its product
range.   Through  strategic partnerships,  Legends  will  assemble  a
network  of  speciality sports related websites.  This will  carry  a
vast   range  of  merchandise,  initially  targeted  at  boardsports,
although other sports will be added to expand its reach.'


Enquiries:

Legendary Investments plc                          Tel: 020 7743 6010
Shami Ahmed, Chief Executive

College Hill Associates                            Tel: 020 7457 2020
Michael Padley / Nicholas Nelson

Seymour Pierce                                     Tel: 020 7648 8712
Sarah Wharry

Notes to editors.

Legendary  Investments, floated on the Alternative Investment  Market
on  2nd  March  2000  was formed for the purpose of  investing  in  a
spread  of  e-commerce, internet and technology  focused  businesses.
The board aims to employ its experience in e-commerce and high street
commerce  to identify those investment opportunities which  have  the
potential to achieve significant growth.



                                              

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