Legendary Investments PLC Investment in IBS Corporation Limited (2588N)
August 07 2017 - 3:39AM
UK Regulatory
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
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