Source - RNS
RNS Number : 6136T
Legendary Investments PLC
13 October 2017
 

13 October 2017

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

Stake in IBS Corporation Limited ("IBS")

Further to its announcement of 7 July 2017 in which Legendary announced that it had taken a 12% stake in IBS for nominal consideration, the Company is pleased to announce that Zafarullah Karim, Executive Chairman of Legendary, has taken a 37% stake in IBS for nominal consideration on the same terms that Legendary acquired its stake.

As part of his role as Legendary's Executive Chaiman, Zafar Karim will help develop the IBS business proposition as he and the Legendary board have done so with other investee companies.

IBS has commenced the process of obtaining the necessary authorities from the New Zealand regulators to be able to conduct a range of financial services including investment banking, asset management, debt funding and insurance services aimed at corporate and high net worth clients. Further announcements on progress at IBS will be made in due course.  

 

- 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

 

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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