Investee company of Legendary Investments valued at £10m
Legendary Investments has announced that as a result of the progress made at its investee company, IBS, several investors had taken on equity of IBS at a valuation of $10m.
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Initial seed investors in IBS had converted their debt into equity, alongside other investors who had taken up equity in IBS, the company said.
As a result, Legendary's 11.1% stake was valued at $1.1m.
IBS was continuing to work on establishing a banking services platform to provide a range of financial services including investment banking, asset management, debt funding and insurance services geared at corporate and high net worth clients, in New Zealand and other markets over time.
Zafar Karim, executive chairman of Legendary, said: "We are delighted at the confidence of the initial seed funders and further funders of IBS in converting debt to equity and investing at a valuation of US$10 million. This values Legendary's IBS stake at £845,000 compared to the nominal valuation of just a few months ago."