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Legendary Invest PLC (LEG)

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Monday 05 October, 2015

Legendary Invest PLC

Nick Jenkins invests in Virtualstock

RNS Number : 2064B
Legendary Investments PLC
05 October 2015
 



5 October 2015

Legendary Investments Plc
("Legendary")

Moonpig.com founder purchases stake in Virtualstock Holdings Ltd
 at a Valuation of £58 million

Legendary is pleased to announce that Nick Jenkins, founder of Moonpig.com and angel investor has purchased a small stake in Virtualstock Holdings Limited ("VS") at a valuation of £58 million from two of the founders of VS. The transaction is structured such that should VS issue shares at a valuation lower than an agreed premium to the £58m valuation or fail to reach certain long term targets, the selling founders shall have to compensate Mr Jenkins by transferring to him further shares. The selling founders and their families continue to hold 25% plus of VS each and remain fully commited to the business.

The valuation reflects the significant progress that VS has made since the April 2014 valuation of £25 million, and its continuing substantial potential. It places a value of just over  £4 million on Legendary's stake.

Nick Jenkins, Angel Investor, said:

"I am delighted to be a shareholder in Virtualstock and in particular, I am extremely excited about the enormous cost saving potential this groundbreaking technology will bring to the NHS."

Andrew Mills, Chief Executive Officer of VS, said:

"We are delighted to have Nick Jenkins as a shareholder, and welcome his experience and expertise in taking Virtualstock to the next stage of its development."

Zafar Karim, Executive Chairman of Legendary said:

"We are delighted that Nick Jenkins has taken a stake in Virtualstock. Nick is an established angel investor and has significant experience in the technology sector having founded, grown and sold Moonpig.com. His network and experience in building disruptive business models will be invaluable to Virtualstock. We welcome having him as a fellow shareholder".

- Ends -

For further information, please contact:

Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton UK LLP

 

Colin Aaronson/ Melanie Frean / Harrison Clarke

020 7383 5100

Beaufort Securities Limited

 

Zoe Alexander

020 7382 8300

Peterhouse Corporate Finance

Duncan Vasey/Heena Karani

020 7469 0933

 

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.

For more information, visit www.leginvest.com 

About Virtualstock Holdings Limited

Virtualstock is a disruptive, British software company at the forefront of today's technology revolution. With a decade of cloud expertise, Virtualstock delivers radical solutions, enabling organisation's to plan, grow and achieve their most ambitious missions.

Virtualstock's game changing approach challenges the costly and time-consuming process of traditional systems integration. Utilising agile, open source technology, the Virtualstock team has developed a unique way for information to flow between any set of fragmented systems, without disruption to any existing IT landscape. Data is seamlessly collated, enriched, mapped and validated, allowing only trusted, reliable information to be deployed across the enterprise.

For more information, visit http://www.virtualstock.co.uk 


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