TIDMLEG
RNS Number : 3708A
Legendary Investments PLC
27 December 2017
27 December 2017
LEGARY INVESTMENTS PLC ("Legendary" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER
2017
HIGHLIGHTS
-- Net profit of GBP248,000 (2016: loss GBP142,000).
-- Progress at Virtual Stock Holdings Limited ("VS") attracted
an investment by Notion Capital ("Notion") at a valuation of
GBP66m. Increase in Legendary's stake in VS from 6.8% to 7.2%.
Legendary's VS stake now held on balance sheet at GBP4.7m.
-- Investment into IBS Corporation Limited ("IBS) at inception
for nominal consideration. Post period end Legendary's stake valued
at US$1.1 million (GBP845,000).
-- Investment into Crowd for Angels (UK) Limited ("CfA"), post
period end, an innovative leading FCA regulated crowd funding
platform that is the first to be launching its own GBP50 million
Liquid Crypto Bond with attached crypto tokens through an Initial
Coin Offering ("Liquid Crypto Bond"). See
https://crowdforangels.com/company/plc/Crowd-for-Angels-UK-Limited-1031
-- Exchange of interest in Manas Resources LLC ("Manas") for an
interest in Circle Oil Tunisia Limited ("COTL"), post period end,
which owns the El Mediouni East and Central oil asset ("ELM") in
the Mahdia Permit located in the Gulf of Hammamet off the Tunisian
coast. Circle Oil Plc ("Circle Oil") invested heavily in ELM, and
in August 2014 announced a potential large discovery following
preliminary results from ELM which were internally estimated by
Circle Oil as potentially recoverable prospective resources of
approximately 100 million barrels of oil.
EXECUTIVE CHAIRMAN'S STATEMENT
The period under review has been one of steady behind the scenes
progress, both at Legendary and at its key investee companies. VS
attracted funding from Notion, a leading European B2B SaaS Venture
Capital firm, at a valuation for VS of GBP66m which compares very
favourably with the GBP2.1m valuation at which Legendary first
invested in VS in October 2012, and Legendary increased its stake
in VS to 7.2%. Long term strategic plans came to fruition in the
form of investment, at inception, into IBS, a banking services
platform in New Zealand. Post period end, third party debt to
equity conversions and equity raises valued Legendary's stake in
IBS at US$1.1m (GBP845,000). Post period end, as announced on 21
December 2017, Legendary took a stake in CfA. Legendary now has a
stake in a technology company, a financial services company and a
fintech platform. Also, post period end, as announced on 22
December 2017, Legendary exchanged its stake in Manas for a stake
in COTL.
VS continues to build upon its substantial success of last year.
Early in 2016, VS had three household retailers, Tesco, Sainsbury's
Argos and MapIin as clients. It now has more than double that
number, including the John Lewis Partnership and Dixons Carphone
Warehouse plc. VS is now established as a leading supply chain
solution in retail. Also, early 2016, VS had one NHS trust, Guy's
and St Thomas', as a client. VS's client portfolio now includes the
Shelford Group, which comprises ten leading NHS multi-speciality
academic healthcare organisations. By late 2016, VS announced that
VS's The Edge was to be utilised by the Government owned
joint-venture NHS Shared Business Services joint venture.
In the period under review, VS's value and substantial potential
was recognised by Notion, which in July 2017 invested GBP4.5m at a
valuation for VS of GBP66m. This compares very favourably with the
GBP2.1m valuation at which Legendary first invested in VS in
October 2012. With the investment and guidance from Notion, VS is
now well equipped and placed to scale rapidly.
Following Notion's investment, in July 2017 Legendary increased
its stake in VS from 6.8% (post dilution due to the Notion deal) to
7.2% for a total consideration of GBP260,000.
In August 2017, Legendary announced that it had negotiated a 12%
stake in IBS, a newly established entity in New Zealand for the
purposes of providing 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 expanding into Asia Pacific, South East Asia
and the Middle East.
The availability of such services to New Zealand SMEs is less
well developed than in other international markets. IBS is awaiting
the necessary authorities from the New Zealand regulators to be
able to conduct its services, and these authorities are expected to
be obtained in the next few months. There can be no assurance that
these authorities will be obtained.
Legendary is a proactive investor investing in and nurturing
asymmetric opportunities, and this 12% stake in IBS was negotiated
for nominal value. Subsequently, and post the period end in
November 2017, the asymmetric nature of this opportunity was borne
out as initial third party seed investors converted their IBS debt
to IBS equity and further third party investors took up equity in
IBS, all at a valuation of US$10 million. This valued Legendary's
resultant stake of 11.1% at US$1.1 million (GBP845,000). This
uplift is not reflected in the interims but is expected to be
reflected in the full year numbers.
As announced on 21 December 2017, post the period end, Legendary
announced it has entered into an agreement to acquire 9.7% of CfA
at a post money valuation for CfA of GBP3.7 million. CfA owns and
operates the "Crowd for Angels" crowdfunding platform. The 9.7%
stake is being funded through the issuance to CfA of 248,275,862
Legendary ordinary shares of 0.1 pence nominal value each
("Ordinary Shares") which equates to 0.145 pence per Leg Share. The
closing price on 19 December 2017 of Ordinary Shares was 0.14 pence
per Ordinary Share.
CfA has been at the forefront of crowdfunding since its launch
in 2014. It was among the first crowdfunding platforms to become
FCA regulated, one of the first to be approved by HMRC to manage
the Innovative Finance ISA (IF-ISA) and is the first crowd funding
platform to be launching its own GBP50 million Liquid Crypto
Bond.
Legendary was the first outside investor in the successful tech
company, VS. With its recent investment in IBS, Legendary has a
stake in a financial services platform and now, with the investment
in CfA, Legendary has a stake in a fintech platform. Technology,
finance and their confluence, fintech are exciting sectors that are
moulding the future.
Following the promising results from the Manas sampling
programme and the geophysical programme, it was decided to test
drill the most promising targets. Various options for achieving
this were pursed during 2017. On 22 December, Legendary announced
that it had exchanged its interest in Manas for an interest in
COTL, which owns ELM.
COTL underwent a restructuring process following the liquidation
of its parent company, Circle Oil, and is now under new management.
Other assets of the former Circle Oil portfolio in North Africa and
the Middle East have been shown by others to be commercially
attractive, and COTL is confident that the Tunisian offshore tracts
will also be commercially attractive. Over the past 5 years Circle
Oil invested heavily in ELM, and in August 2014 announced a
potential large discovery following preliminary results from ELM
which were internally estimated by Circle Oil as potentially
recoverable prospective resources of approximately 100 million
barrels of oil.
Legendary expects that ELM is more likely to come to fruition
and in in a shorter timescale and possibly at a greater value than
Manas. Legendary's interest in Manas was valued at GBP100,000.
Legendary continues to hold its stakes in Bosques Energeticos
EBE S.A. de C.V, Amedeo Resources PLC and Medgold Resources
Corp.
FINANCIAL REVIEW
During the six month period ended 30 September 2017, Legendary
made a net gain on investments of GBP422,000 (2016: GBP21,000).
This was primarily due to revaluation of VS as a result of the
investment into VS by Notion. Net administrative expenses were
broadly in line with the prior period at GBP169,000 (2016:
GBP163,000).
The operating profit was GBP253,000 (2016: loss GBP142,000).
Interest of GBP5,000 (2016: nil) was accrued on US$ denominated
facility set up in April 2017. Profit for the financial period was
GBP248,000 (2016: loss GBP142,000). The basic and diluted loss per
share were 0.01p. (2016: basic and diluted loss 0.005p).
Investments held at fair value rose to GBP4,918,000 (FY2016:
GBP4,211,000) primarily due to the revaluation of VS and further
investment of GBP260,000 into VS.
Other receivables were GBP399,000 (FY2016: GBP259,000). These
relate to amounts expended on certain strategic initiatives which
are expected to be recovered should the initiatives be successful.
Of the increase of GBP140,000, GBP117,000 was a transfer from
debtors due within one year. Consequently, debtors due within one
year fell to GBP14,000 (FY2016: GBP136,000).
Share capital rose to GBP3,045,000 (FY2016: GBP2,807,000) due to
the share issues associated with the exercise of warrants over
237,272,727 ordinary shares of nominal value 0.1 pence each
exercised raising a total of GBP238,000.
In April 2017, Legendary negotiated a US$400,000 loan facility
from Alcazar 1 Pte Ltd, a 9% shareholder of Legendary. The facility
has a term of 1 year and bears interest at 10%. Currently
US$250,000 of the facility is drawn down.
Legendary ended the period with GBP4,975,000 (FY2016:
GBP4,293,000) of investments, GBP126,000 (FY2016: GBP176,000) of
cash, GBP5,215,000 (FY2016: GBP4,729,000) of net assets, and
GBP5,517,000 (FY2016: GBP4,867,000) of total assets.
- Ends -
For further information, please contact:
Legendary Investments Zafar Karim / Thomas
PLC Reuner 020 8201 3536
Colin Aaronson/ Harrison
Grant Thornton UK LLP Clarke 020 7383 5100
Beaufort Securities
Limited Elliott Hance 020 7382 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.
Statement of Comprehensive Income
For the six months ended 30 September 2017
6months 6months Year ended
ended 30/09/17 ended 30/09/16 31/03/17
(GBP'000s) Unaudited Unaudited Audited
Net gain on fair value investments 422 21 45
Net administrative expenses (169) (163) (326)
Operating profit/(loss) 253 (142) (281)
Profit/(loss) on ordinary activities
before interest 253 (142) (281)
Interest payable (5) - -
Profit/(loss) on ordinary activities
before tax 248 (142) (281)
Taxation - - -
Profit/(loss for the financial
period and total
comprehensive income 248 (142) (281)
---------------- ---------------- -----------
Basic earnings/(loss) per Share
- pence 0.01p (0.005)p (0.01)p
Diluted earnings/(loss) per Share
- pence 0.01p (0.005)p (0.01)p
---------------- ---------------- -----------
All activities derive from continuing operations
Statement of Financial Position
As at 30 September 2017
(GBP'000s) As at As at As at
30/09/2017 30/09/2016 31/03/2017
Unaudited Unaudited Audited
Non Current Assets
Tangible assets 3 2 3
Other receivables 399 - 259
Investments held at fair
value 4,918 4,211 4,211
------------ ------------ ---------------------------------
5,320 4,213 4,473
Current assets
Current asset investments 57 58 82
Debtors due within one
year 14 173 136
Cash at bank and in hand 126 516 176
------------ ------------ ---------------------------------
Total current assets 197 747 394
Total assets 5,517 4,960 4,867
============ ============ =================================
Equity and liabilities
Share capital 3,045 2,807 2,807
Share premium account 8,937 8,923 8,937
Share based payment reserve 293 293 293
Profit and loss - deficit (7,060) (7,169) (7,308)
Equity attributable to
equity holders 5,215 4,854 4,729
============ ============ =================================
Non -current liabilities - - -
------------ ------------ ---------------------------------
Current liabilities 302 106 138
------------ ------------ ---------------------------------
Total equity and liabilities 5,517 4,960 4,867
============ ============ =================================
Statement of Changes in Equity
At 30 September 2017
(GBP'000s)
Share Share Share Based Retained
Capital Premium Payments Earnings
At 31 March 2016 2,462 8,345 293 (7,027)
Share issue 345 579
Loss for the period - - - (142)
At 30 September 2016 2,807 8,924 293 (7,169)
Share issue - 13 -
Loss for the period - - - (139)
At 31 March 2017 2,807 8,937 293 (7,308)
Share issue 238 - - -
Profit for the period 248
At 30 September 2017 3,045 8,937 293 (7,060)
----------------- ------------- -------------------- ---------------
Cash Flow Statement
For the six months ended 30(th) September 2017
(GBP'000s) 6m ended 6m ended Year ended
30/09/2017 30/09/2016 31/03/2017
Unaudited Unaudited Audited
Cash flow from operating activities:
Profit/(loss) before taxation 248 (142) (281)
Adjustments for:
Share option / warrant charge - - -
Share issue cost - (88) -
Depreciation 1 1 1
Change in fair value of investments (422) (21) (18)
Exchange gains and loss (3) (29) -
------------ ------------ ------------
(176) (279) (298)
Changes in working capital:
(Increase)/decrease in trade and
other receivables (18) (126) (336)
Increase/(decrease) in trade and
other payables 166 14 46
------------ ------------ ------------
148 (112) (290)
Net cash outflow from operating
activities (28) (391) (588)
Cash flow from investing activities:
Purchase of investments (260) - (2)
------------ ------------ ------------
Net cash outflow from investing
activities (260) - (2)
Cash flow from financing activities:
Proceeds from issue of new ordinary
shares 238 1000 1000
Expenses paid in connection with
issue of shares - 88 (75)
(Repayment)/increase in long term
loan - (211) (189)
------------ ------------ ------------
Net cash inflow after financing
activities 238 877 736
Net (decrease)/increase in cash (50) 486 146
Cash and cash equivalents at 1
April 176 30 30
Cash and cash equivalents at 30
September 126 516 176
Notes to the Interim Results
1. Accounting Policies
Basis of Preparation
The interim financial information has been prepared in
accordance with the basis of the accounting policies set out in the
Company' annual report and accounts for the year ended 31 March
2017, which have been prepared in accordance with International
Financial Reporting Standards as adopted for use by the European
Union. The interim accounts are unaudited and do not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006.
The same accounting policies, presentation and methods of
computation have been followed in this unaudited interim financial
information as those which were applied in the preparation of the
Company's annual statements for the year ended 31 March 2017, upon
which the auditors issued an unqualified opinion, and which have
been delivered to the registrar of companies.
The interim financial information has been drawn up using
accounting policies and presentation expected to be adopted in the
Company's full financial statements for the year ended 31 March
2018. Any new standards that will be adopted in full for the first
time in the year-end financial statements did not have a material
impact on this interim financial information.
The half yearly report, including the financial information
contained herein, is the responsibility of, and was approved by the
directors on 27 December 2017. The continuing obligations of the
AIM Rules for Companies require that the accounting policies and
presentation applied to the half yearly figures should be
consistent with those applied in preparing preceding annual
accounts except where any changes, and the reasons for them, are
disclosed.
The interim financial information for the six months ended 30
September 2017 was approved by the Board on 27 December 2017.
Copies of this report are available on the Company's website,
www.leginvest.com
2. Investments
All the investments are stated at fair value through profit or
loss. Increase and decrease in fair values are shown in statement
of comprehensive income as profit/loss in investment.
Included in unlisted investments are the following
companies:
INVESTMENT Carrying Investments Carrying Fair value
value 31 during the Unrealised value hierarchy
March year gain on 30 September
2017 revaluation 2017
GBP'000 GBP'000 GBP'000 GBP'000
Bosques Energeticos
EBE S.A de C.V 83 - - 83 Level 3
Virtual Stock Holdings
Limited 4,028 260 447 4,735 Level 2
Manas Resources LLC 100 - - 100 Level 3
IBS Corporation Limited - - - - Level 3
--------- ----------- ------------ --------------
Total 4,211 260 447 4,918
3. Earnings Per Share
The calculation of earnings per share is based on the profit/
(loss) for the period divided by the weighted average number of
ordinary shares in issue during the period of 2,989,031,829
6 Months 6 Months
ended 30 September ended 30 September Year ended
2017 2016 31 March 2017
Unaudited Unaudited Audited
Profit/(loss) for
the period 248,000 (142,209) (281,367)
Weighted average
number of ordinary
shares 2,989,031,829 2,729,457,656 2,773,337,385
Basic EPS 0.01p (0.005)p (0.01)p
--------------------- --------------------- ----------------
Share options 450,000,000 450,000,000 450,000,000
Warrants 32,500,000 284,772,727 282,500,500
Diluted EPS 0.01p (0.005)p (0.01)p
--------------------- --------------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LDLFLDLFEFBZ
(END) Dow Jones Newswires
December 27, 2017 08:01 ET (13:01 GMT)
Legendary Inv. (LSE:LEG)
過去 株価チャート
から 12 2024 まで 1 2025
Legendary Inv. (LSE:LEG)
過去 株価チャート
から 1 2024 まで 1 2025
