Legendary Investments PLC Acquisition of Stake in Crowd Funding Platform (0026A)
December 21 2017 - 1:00AM
UK Regulatory
TIDMLEG
RNS Number : 0026A
Legendary Investments PLC
21 December 2017
21 December 2017
Legendary Investments PLC
("Legendary" or the "Company")
Acquisition of Stake in Crowd Funding Platform and Issue of
Equity
Legendary is pleased to announce that it has entered into an
agreement to acquire 9.7% of Crowd for Angels (UK) Limited ("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 will be paid for 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 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
Since its Launch, CfA has completed 9 fundraisings and helped
raise over GBP3 million for investee companies. With the imminent
launch of its GBP50 million Liquid Crypto Bond, CfA is now entering
a new and exciting phase of its development. For the year ended 30
June 2017, CfA had losses of GBP192, 986.
Tony De Nazareth, Founder and Director of CfA, said:
"Crowd for Angels is very pleased to welcome Legendary
Investments on board as a strategic investor in the business.
Moving into the New Year we are excited about the plans we have for
the company. We will be focussing on raising the money for our
unique Liquid Crypto Bond, along with continuing to help a range of
growth businesses to raise the funds they need for expansion."
Zafar Karim, Executive Chairman of Legendary, said:
"We are delighted to be investing in Crowd for Angels. The
platform has been at the forefront of its sector and continues to
be so with the launch of its GBP50 million Liquid Crypto Bond. We
expect to work with Crowd for Angels by sharing ideas and
opportunities, and look forward to helping Crowd for Angels reach
its potential.
"Legendary was the first outside investor in the successful tech
company, Virtual Stock Holdings Limited. With its recent investment
in IBS Corporation Limited, Legendary has a stake in a banking
services platform and now, with the investment in Crowd for Angels,
Legendary has a stake in a fintech platform. Technology, finance
and its confluence, fintech are exciting sectors that will and are
moulding the future."
Application will be made for the 248,275,862 new Ordinary Shares
to be admitted to AIM, with admission expected to occur on or
around 29 December 2017. The new ordinary shares will rank pari
passu with the existing ordinary shares.
Following admission of the Ordinary Shares, the Company's
enlarged issued share capital will comprise of 3,292,912,755
Ordinary Shares with one voting right per share. There are no
shares held in treasury and the total number of voting rights in
the Company is therefore 3,292,912,755. This figure of
3,292,912,755 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
- ENDS -
Legendary Investments Zafar Karim /
PLC Thomas Reuner 020 8201 3536
Grant Thornton Colin Aaronson
UK LLP / Harrison Clarke 020 7383 5100
Beaufort Securities
Limited Elliot 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 Crowd for Angels
Crowd for Angels (UK) Limited ("CfA") is an FCA authorised
crowdfunding platform for both debt and equity funding. Launched in
January 2014, CfA has developed a sophisticated platform and
successfully raised several million pounds for companies via a mix
of equity and debt pitches.
CfA helps companies connect with thousands of investors and
raise the funds they need. CfA investors get the opportunity to
invest in shares in a tax efficient manner through the use of
SEIS/EIS tax relief and through crowd bonds which can be held
within the tax free Innovative Finance ISA (IF-ISA) wrapper.
CfA's long-term aim is to be one of the biggest crowdfunding
platforms in the UK and in Europe as well as internationally.
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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