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LEG Legendary Inv.

0.085
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Legendary Inv. LSE:LEG London Ordinary Share GB0001514032 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.085 0.08 0.09 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Legendary Investments PLC Investment in IBS Corporation Limited (2588N)

07/08/2017 8:39am

UK Regulatory


Legendary Inv. (LSE:LEG)
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TIDMLEG

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 -

 
                          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 
 

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

END

MSCFMGGRNNFGNZG

(END) Dow Jones Newswires

August 07, 2017 03:39 ET (07:39 GMT)

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