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Legendary Invest PLC (LEG)

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Monday 07 August, 2017

Legendary Invest PLC

Investment in IBS Corporation Limited

RNS Number : 2588N
Legendary Investments PLC
07 August 2017

7 August 2017

Legendary Investments PLC
("Legendary" or the "Company")

Negotiates 12% stake in IBS Corporation Limited ("IBS")

Legendary is pleased to announce that it has negotiated a 12% stake in IBS, a newly established entity in New Zealand for the purposes of providing financial services, initially in New Zealand and then expanding into Asia Pacific, South East Asia and the Middle East.

IBS intends to establish a banking services platform with the ability to provide a range of financial services including investment banking, asset management, debt funding and insurance services aimed at corporate and high net worth clients.  

The availability of investment banking, asset management and debt based and insurance services to New Zealand SMEs is less well developed than in international markets. IBS initially intends to target opportunities in this area, providing debt funding and taking equity stakes in New Zealand SMEs with strong managements and business models with the potential for internationalisation. Target sectors include fintech, property and agriculture and fisheries. These services are intended be extended into other markets over time.

IBS has commenced the process of obtaining the necessary authorities from the New Zealand regulators to be able to conduct these services. These authorities are expected to be obtained in the next few months, although there can be no assurance that these authorities will be obtained. In the meantime, IBS is establishing an experienced core team to spearhead the business and secure wholesale funding lines.

Further announcements will be made as appropriate.

Zafar Karim, Executive Chairman of Legendary, said:

"Legendary is a proactive investor investing in and nurturing asymmetric opportunities. These tend to be near start-up or special situations, and those that are successful generate substantial returns. Over the last year, Legendary has been exploring various strategic opportunities in order to scale up its operations, make larger investments, including follow on investments into its successful investee companies, and provide additional services to its investee companies. As a 'challenger' financial services platform, initially focussing on an underserviced sector in New Zealand and with ambitions to expand further into the most dynamic regions in the world, and with the ability to provide funding for a range of acivities, we believe IBS presents such an opportunity.

"Legendary has been working with the principals of IBS for several months in establishing IBS. As part of this process Legendary has negotiated a 12% stake in IBS at the establishment stage for nominal value. Once authorities to operate and funding lines are obtained, IBS expects to grow its business and accrete value rapidly. Importantly, the activities of IBS are complementary to the activities of Legendary thereby providing further opportunities for value generation for both Legendary Investments and IBS.

"This cooperation is intended to give Legendary an additional source of funds for current and future projects, and give IBS access to new investment opportunities via Legendary's channels thereby providing further opportunities for value generation.

"With the consideration for the stake being nominal, the opportunity is truly asymmetric."

- ENDS -

Legendary Investments PLC

Zafar Karim / Thomas Reuner


020 8201 3536

Grant Thornton UK LLP


Colin Aaronson / Harrison Clarke


020 7383 5100

Beaufort Securities Limited

Elliot Hance

020 7382 8300


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.

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

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