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Legendary Invest PLC (LEG)

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Friday 28 November, 2008

Legendary Invest PLC

Notification re: Echelon Weal

RNS Number : 1358J
Legendary Investments PLC
28 November 2008
 



LEGENDARY INVESTMENTS PLC

NOTIFICATION RE: ECHELON WEALTH MANAGEMENT


The board of Legendary Investments plc (the 'Company') has received a notification from KPMG, the provisional liquidator of Echelon Wealth Management Limited ('Echelon'). The Company had a trading account with Echelon which acted as broker for the majority of the Company's trades. The trading account contained a substantial positive balance of up to approximately £600,000 representing the bulk of the Company's cash reserves.  


The notification states that KPMG are at an early stage of their investigations into the history of and reasons for Echelon's failure.    KPMG are pursuing a number of different means of recovering funds for creditors and further detail will be provided in due course.  


There can be no certainty as to the timing of recovery or amount recoverable of the Company's funds.  Until clarification can be obtained on this issue the Company has requested that AIM suspend trading in its shares with immediate effect.


Contact:


Legendary Investments plc


Zafar Karim, Director

+44 (0) 20 7887 1335

Dowgate Capital Advisers Limited


James Caithie


+44 (0) 20 7492 4777



This information is provided by RNS
The company news service from the London Stock Exchange
 
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