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Legendary Invest PLC (LEG)

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Wednesday 15 November, 2017

Legendary Invest PLC

IBS Corporation Limited ("IBS") valued at US$10m

RNS Number : 5807W
Legendary Investments PLC
15 November 2017
 

15 November 2017

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

IBS Corporation Limited ("IBS") valued at US$10 million

Legendary is pleased to announce that as a result of the progress being made at its investee company, IBS, initial seed investors have converted their IBS debt to IBS equity and further investors have taken up equity in IBS, all at a valuation of US$10 million. This values Legendary's resultant stake of 11.1%at at US$1.1 million (£845,000).

As announced on 7 August 2017, IBS is in the process of establishing 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, initially in New Zealand and then to other markets over time.

Zafar Karim, Executive Chairman of Legendary, said:

"We are delighted at the confidence of the initial seed funders and further funders of IBS in converting debt to equity and investing at a valuation of US$10 million. This values Legendary's IBS stake at £845,000 compared to the nominal valuation of just a few months ago."

- 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

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

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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