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Legendary Invest PLC (LEG)

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Wednesday 23 October, 2013

Legendary Invest PLC

Investee company update

RNS Number : 2366R
Legendary Investments PLC
23 October 2013
 



23 October 2013

Legendary Investments Plc

("Legendary")

 

Investee Company Update - Amedeo Resources Plc (formerly Creon Resources Plc) announces interim results

 

Legendary, the proactive investment company, is pleased to report that its investee company, Amedeo Resources Plc (AIM: AMED) ("Amedeo") (formerly Creon Resources Plc) today announced its interim results for the six months ended 31 July 2013.

 

The highlights for the period were as below:

 

·    Net profit of £245,000, (net loss of £317,000 for the six months ended 31 July 2012).

·    First rig order, Le Tourneau Super 116E Class rig, specification and price increased.

·    Acquired 49% of MGR Resources PTE Ltd for US$49,900, and received first dividend of US$210,000 (£138,000).

And post period, progress continued:

 

·    Jiangsu Yangzijiang Offshore Engineering Co Ltd "strikes steel" on Le Tourneau Super 116E Class rig.

·    Board strengthened, including with the addition of Zafar Karim as an executive director.

Zafar Karim, Executive Chairman of Legendary, commented:

 

"We are pleased with the rapid progress being made at Amedeo. Significantly, Amedeo has already started to receive returns on its investments and posted an interim profit. We look forward to continuing momentum and further developments."

 

Further details are available at:

 

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11750824

 For further information, please contact:

Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton UK LLP

 

Colin Aaronson/ Melanie Frean / Jen Clarke

 

020 7383 5100

SI Capital                

 

Nick Emerson/ Andrew Thacker

 

01483 413500

Newgate Threadneedle

Caroline Evans-Jones

020 7653 9850

 

 

About Legendary Investments Plc

 

Legendary 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, natural resources and mining. Legendary is incorporated in the UK, which is its principal country of operation.


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