Legendary Investments PLC IBS Corporation Limited ("IBS") valued at US$10m (5807W)

TIDMLEG

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 (GBP845,000).

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 GBP845,000 compared to the nominal valuation of just a few months ago."

- ENDS -

 
                          Zafar Karim 
 Legendary Investments     / Thomas         020 8201 
  PLC                      Reuner            3536 
                          Colin Aaronson 
 Grant Thornton            / Harrison       020 7383 
  UK LLP                   Clarke            5100 
 Beaufort Securities                        020 7382 
  Limited                 Elliot Hance       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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November 15, 2017 05:50 ET (10:50 GMT)