Legendary Investments PLC IBS Corporation Limited ("IBS") valued at US$10m (5807W)
November 15 2017 - 5:50AM
UK Regulatory
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
END
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