9th Jul 2018 09:57
LONDON (Alliance News) - Shares in Legendary Investments PLC rose early Monday as it recorded double digit growth in investments and net assets in its recently ended financial year.
Shares in the investment company were up 18% at 0.11 pence each in early trade on Monday.
In the year to the end of March, the company invested GBP6.2 million versus GBP4.3 million the year before. Net assets saw a 28% increase to GBP6.0 million from GBP4.7 million.
During the year, one of Legendary's holdings, Virtualstock Holdings Ltd received an investment of GBP4.5 million from European venture capital firm Notion Capital. Legendary holds GBP66 million worth of stake in Virtualstock.
In addition, Legendary converted its shares in its Kyrgyz gold asset to shares in Circle Oil Tunisia Ltd in December 2017, following Circle Oil Tunisia's acquisition by Dunraven Resources Ltd, meaning the the company now holds a 2.0% stake in Dunraven.
"We are delighted at the progress made this year. Legendary's investments and net assets have increased significantly and net profit is GBP665,000, and all of this has been achieved on the basis of a very conservative historic transaction based valuation policy," said Executive Chairman Zafar Karim.
"Progress continues at Legendary and its investee companies. Indeed, we expect post year end net assets to be higher than the year end value. Having established a solid track record of successful proactive investing, we now intend to take Legendary to the next level of its development,"Karim added.