Legendary Investments PLC
10 October 2000
LEGENDARY INVESTMENTS PLC
Announcement of two strategic investments
Legendary Investments plc ('Legendary'), the AIM listed
development capital group, is pleased to announce strategic
investments in Cryptic Software Limited ('Cryptic') and Global
Money Transfer Plc. Both investments are based on Legendary's
stated investment criteria of experienced management, wide-
ranging projected market for products and services, ease of
entry into and growth of product marketplace.
Legendary has purchased a 2% holding for £200,000 in Cryptic
Software plc, which has developed an integrated suite of tools
designed to protect systems from Hackers, misuse, abuse and
fraud.
Cryptic's trademarked product CyberSight, based on client
server technology and incorporating unique 'shape technology'
ensures fast and efficient detection across the network,
including the ability to rigorously dissect and detect hidden
threats and files that have been changed to other file types
to evade discovery.
The technology on which the product is based is the first
available which allows a huge range of security threats to be
indexed, detected and eradicated. The system is believed to
provide more comprehensive protection than any known rival and
recently won its first major order. The company plans to
market the product in the USA and Europe.
Cryptic's management team comprises:
* David Duke, founder and developer, is a specialist in
developing secure IT systems for major corporations. He
has worked with the government for whom he has developed
systems at classified level.
* Bob Morton, the Chairman has interests in companies such
as Vislink, Harrier and Jordec
* Terry Bingham, the Chief Executive of Cryptic was
formerly managing director of the Misys subsidiary ACT
* Sandy Mackenzie, former international sales and marketing
director of anti-virus company Dr Soloman.
* Nigel Moulding formerly of Price Waterhouse Coopers, an
experienced financial director in the IT sector.
An investment of £200,000 for a 2.5% equity stake has been
made in Global Money Transfer plc (GMT). Legendary has an
option over a further 2.5% based on the achievement of
specific trading objectives.
GMT, which was formed in 1997, has developed a unique patented
technology to allow computerised international money transfers
for the retail market, safely and securely. Transfers are
made via its call centre in Liverpool and network of 140
agencies across Britain which are linked directly to the
company's systems.
The product is aimed at allowing UK residents to transfer
funds overseas in a paperless manner and at a fixed exchange
rate. The size of the retail market in the UK alone is
estimated to be circa £5 billion per annum, with the worldwide
market at £100 billion and growing at 15% per annum. At
present GMT offers its service to India, Pakistan, Nigeria,
Ghana, Jamaica, Trinidad and Tobago with further expansion
into new territories expected in coming months.
Stuart MacDonald, GMT's Chairman, is formerly a Director of
Rothschilds and Joint MD of London & Edinburgh Trust. The
Finance Director is Jon Francis, formerly Finance Director of
Courage Brewery and Director of Royal Insurance (UK) Ltd. It
is planned that Legendary, through its extensive contact base
and expertise, will assist GMT in developing its retail base.
Legendary also announces that a further investment in its
portfolio will shortly become a publicly traded company.
Orbital Software Holdings plc, a leading provider of e-
business solutions, has recently published Listing Particulars
in relation to its listing on the Official List of the UK
Listing Authority and inclusion in the techMARK Index. The
market capitalisation at the placing price is expected to be
£65.1 million, giving Legendary a significant uplift on its
original investment.
Shami Ahmed, Chief Executive, Legendary Investments commented
'Both of these companies meet our investment criteria and have
been identified as having the potential to achieve significant
growth. Each benefits from an experienced management team
whom, with a clearly focused strategy, will drive their
products and services firmly into the rapidly growing
marketplaces in which they operate. We have a very strong
pipeline of other active, qualified prospects.'
10 October 2000
Enquiries:
Legendary Investments plc Tel: 020 7743 6010
Shami Ahmed, Chief Executive
College Hill Associates Tel: 020 7457 2020
Michael Padley/Nicholas Nelson