Proactiveinvestors United Kingdom Eight Peaks Group PLC Proactiveinvestors United Kingdom Eight Peaks Group PLC RSS feed en Wed, 22 May 2019 13:51:01 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 21 May 2019 17:57:21 +0100 <![CDATA[RNS press release - Result of General Meeting ]]> Thu, 16 May 2019 14:48:44 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Thu, 16 May 2019 12:06:44 +0100 <![CDATA[RNS press release - Trading facility post proposed AIM cancellation ]]> Mon, 13 May 2019 11:17:23 +0100 <![CDATA[RNS press release - Proposed cancellation of AIM admission ]]> Tue, 30 Apr 2019 12:50:09 +0100 <![CDATA[RNS press release - Holdings in the Company & Total Voting Rights ]]> Tue, 19 Mar 2019 17:13:14 +0000 <![CDATA[RNS press release - Appointment of Broker ]]> Tue, 12 Feb 2019 07:00:08 +0000 <![CDATA[RNS press release - Second Price Monitoring Extn ]]> Thu, 07 Feb 2019 11:05:59 +0000 <![CDATA[RNS press release - Price Monitoring Extension ]]> Thu, 07 Feb 2019 11:00:39 +0000 <![CDATA[RNS press release - Price Monitoring Extension ]]> Thu, 31 Jan 2019 11:00:42 +0000 <![CDATA[News - Eight Peaks expands portfolio in strong start to 2019 ]]> Eight Peaks Group PLC (LON:8PG) (formerly known as Legendary Investments) is an investment firm that focuses on “near start up” and small companies in sectors that exhibit long term growth including energy, technology, and natural resources.

The company said its investments must exhibit the potential and catalysts to generate “asymmetric returns”, in other words a risk/reward profile skewed toward the upside with more potential for profit than loss.

The group’s focus is primarily in high growth companies, however it may also invest in the anticipation of receiving dividends.

Once it has invested in a company, Eight Peaks assists portfolio firms in realising their potential, with returns being generated on exits (i.e. selling the stake for a higher price than paid), which can be through either an initial public offering (IPO) or a trade sale.

What it owns

Eight Peaks current portfolio (as of 29 January 2019), includes;

• 7% stake in Virtualstock Holdings Ltd, a cloud-based software-as-a-service (SaaS) business that helps retailer, supplier, brands, and healthcare providers manage their supply chains

• 11% stake in IBS Corporation, a New Zealand-based private banking services platform

• 2% stake in Dunraven Resources, an exploration and production firm focused on North Africa and the Middle East

• 9.7% stake in Crowd For Angels, a UK-based crowdfunding platform

• A “non-core” holding in Medgold Resources Corp, an exploration firm targeting gold-silver projects in Serbia

• 25% stake in SOARX Limited, a software firm operating in the cyber security space

• A stake in Amedeo Resources, an oil and gas and resources infrastructure investment company, valued at £19,000 as of 17 August 2018

Inflexion points

• On 20 December 2018 the group raised £610,000 via a placing of 6.1mln new shares at a price of 10p, a 14.3% premium to the close price on the day, to fund further investments and working capital

• In its half-year results to 30 September 2018 the firm made a net gain on investments of £2,000

Next update

Taking previous years into account, the company’s most likely performance update will be at its full-year results that are normally published around late-August and early-September.

With shares trading at 8p as of 29 January, Eight Peaks carries a market cap of £1.44mln.

Tue, 29 Jan 2019 09:00:00 +0000
<![CDATA[News - Eight Peaks Group picks up 25% stake in cyber security firm SOARX ]]> Eight Peaks Group PLC (LON:8PG) has taken a 25% stake in cybersecurity firm SOARX Limited for £125,000 in cash.

The investment firm said SOARX had acquired the business and assets of iCyber-Security Professional Services Limited, including its iCyber-Shield platform which provides Security Orchestration Automation and Response (SOAR) management technology.

READ: Eight Peaks surges as it invests £300,000 in Virtualstock

iCyber-Shield provides enterprises with an intelligent, pro-active, auto-responsive, central cyber defence platform that utilises machine learning algorithms, blockchain technologies and Robotic Process Software Automation.

Eight Peaks said this technology was important in the market given a “significant” global shortage of trained information technology security personnel, estimating around 1.5mln roles, adding that automation technology for cybersecurity could deliver a 70%+ benefit in operating costs.

As part of the investment, the company said its executive chairman, Zafar Karim, would join the board of SOARX as a non-executive director.

In mid-morning trading Wednesday, Eight Peaks shares were changing hands at 8.5p.

Wed, 23 Jan 2019 09:48:00 +0000
<![CDATA[RNS press release - Investment in Cyber Security Business ]]> Wed, 23 Jan 2019 08:43:38 +0000 <![CDATA[News - Eight Peaks surges as it invests £300,000 in Virtualstock ]]> Eight Peaks Group PLC (LON:8PG) shares surged in early afternoon trading Friday after it invested £300,000 into convertible loan notes of Virtualstock Holdings Limited.

The investment firm said the notes would accrue interest at 10% per annum and are repayable at the option of Virtualstock after a minimum 6 month period and up to a maximum of 18 months.

READ: Eight Peaks raises £610,000 via placing to make further investments and for general working capital

If the notes are not repaid within the period, they would be converted into Virtualstock shares at 250p per share.

Eight Peaks added that it had also been issued warrants over 12,000 Virtualstock shares which are exercisable at 500p per share within 5 years.

Eight Peaks currently holds a 6.8% interest in Virtualstock, which provides supply chain software to retailers, healthcare providers, and other organisations.

Eight Peaks shares were up 4.8% at 11p.

Fri, 28 Dec 2018 12:50:00 +0000
<![CDATA[RNS press release - Investment into Virtualstock Holdings Limited ]]> Fri, 28 Dec 2018 12:30:31 +0000 <![CDATA[RNS press release - Directors' Subscription for Shares ]]> Mon, 24 Dec 2018 07:00:07 +0000 <![CDATA[News - Eight Peaks raises £610,000 via placing to make further investments and for general working capital ]]> Eight Peaks Group PLC (LON:8PG) has raised £610,000 via a placing with the proceeds to be used primarily to make further investments and for general working capital purposes.

The AIM-listed group – formerly known as Legendary Investments - said the placing of 6,100,000 new ordinary shares was undertaken with new and existing shareholders at a price of 10p each.

READ: Eight Peaks sees major investments make progress

Initially, Eight Peaks said, it intends to use the funds to make a further investment in its largest investment, Virtualstock Holdings Limited, by way of a convertible loan with conversion rights and attached warrants.

In addition to the placing, the firm said Zafar Karim, its executive chairman and Lord Nicholas Monson, a non-executive director of the company are shortly expected to subscribe for 1,700,000 ordinary shares to raise a further £170,000 on the same terms.

Karim commented: “Our confidence in the business is underlined by the intention of both Lord Monson and me to subscribe for a total of 1,700,000 shares in this Fundraising. This will take Lord Monson's and my stakes to 4.0% and 7.9%, respectively.”

He added: "We look forward to reporting on developments in due course."

In late morning trading on Thursday, Eight Peak’s shares held steady at 9.25p.

Thu, 20 Dec 2018 11:17:00 +0000
<![CDATA[RNS press release - Placing and Proposed Directors Subscription ]]> Thu, 20 Dec 2018 11:00:46 +0000 <![CDATA[RNS press release - Interim Results for the 6 months ended 30 Sep 2018 ]]> Tue, 04 Dec 2018 11:42:00 +0000 <![CDATA[News - Eight Peaks sees major investments make progress ]]> Eight Peaks Group PLC (LON:8PG) made a net gain on investments of £2,000 (2017: £422,000) in the half year to September.

An increase in the value of Medgold was offset by a dip at Amedeo Resources while exchange rate movements reduced the value of IBS Corp.

Losses for the financial period were £273,000 (2017: profit £248,000).

Investments held at fair value were little changed from the year-end at £6.15mln.

Zafar Karim, executive chairman, said that over the period the grup's principal investee companies, Virtualstock Holdings, IBS Corporation, Dunraven Resources and Crowd for Angels all made progress.

Eight Peaks changed its name from Legendary Investments during the half-year period.

Tue, 04 Dec 2018 10:00:00 +0000
<![CDATA[RNS press release - Update on Virtualstock Holdings Limited ]]> Thu, 22 Nov 2018 09:49:20 +0000 <![CDATA[News - Eight Peaks welcomes VirtualStock reorganisation ]]> Eight Peaks Group PLC (LON:8PG) has welcomed the reorganisation underway at portfolio company Virtualstock.

Rene Schuster is now executive chairman while Andrew Mills has stepped down as chief executive.

The business has also reorganised into two divisions, retail and healthcare, due to slower than expected orders in both sectors.

Zafar Karim, Executive Chairman of 8PG, said: "Rene has been at Virtualstock for just 3 months and is already having impact. Clarity in the business units is essential for profitable development, valuation and ultimately realisation.”

In healthcare, for example, SBS, a joint venture between Sopra Steria and the Department of Health, is tasked with achieving £1bn of savings for the NHS by 2020.

SBS serves 64 acute health trusts and the target is to have all 64 live using VS services by the end of 2019.

Schuster said: "Virtualstock has historically been very successful in implementing bespoke projects for large retail customers but our plans for the future are designed to make our company much more product-orientated leveraging our partnerships with the likes of SBS and IBM to go to market and for implementation.

“We have restructured our business in order to meet the changing needs of the customers we currently serve but more importantly to enable our business to expand its reach much further.”

Eight Peaks has a 6.8% stake in VirtualStock.

Thu, 22 Nov 2018 09:00:00 +0000
<![CDATA[RNS press release - Change of Registered Office and Company Secretary ]]> Thu, 01 Nov 2018 12:10:11 +0000 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Fri, 19 Oct 2018 15:31:33 +0100 <![CDATA[RNS press release - Investee Company Update ]]> Tue, 09 Oct 2018 16:47:54 +0100 <![CDATA[RNS press release - Grant of Options ]]> Thu, 27 Sep 2018 13:32:26 +0100 <![CDATA[RNS press release - Result of Annual General Meeting ]]> Wed, 26 Sep 2018 16:40:35 +0100 <![CDATA[Media files - Legendary Investments book value 'too low' - Capital Network analyst Ed Stacey ]]> Tue, 04 Sep 2018 10:44:00 +0100 <![CDATA[RNS press release - Appointment of Lord Nicholas Monson as NED ]]> Mon, 03 Sep 2018 12:26:19 +0100 <![CDATA[RNS press release - Correction to Posting of Annual Report ]]> Mon, 03 Sep 2018 10:50:36 +0100 <![CDATA[RNS press release - Posting of Annual Report, Notice of AGM & Circular ]]> Fri, 31 Aug 2018 17:32:54 +0100 <![CDATA[Media files - Legendary Investments 'moving to the next stage of its development' ]]> Thu, 23 Aug 2018 16:06:00 +0100 <![CDATA[News - Legendary Investments to step up a level as portfolio matures ]]> Zafar Karim, AIM-listed Legendary Investments PLC’s (LON:LEG) chief executive, is very upbeat when he talks about the appointment of Rene Schuster as chairman of VirtualStock.

Legendary holds 6.8% in the retail procurement software specialist, a stake worth around £4.8mln based on the latest funding round.

Watch: Legendary Investments 'unlocking private opportunities' for retail investors

Schuster is a big catch, says Karim.

He led Telefonica Deutschland when it floated in the largest IPO in Europe in 2012 and helped 02 become the leading brand in Germany.

That’s in addition to various other high-profile positions at global telecoms and private equity groups.

In short, a serious name in the market and a sign of how rapidly Virtualstock is growing.

Virtualstock’s software, The Edge, allows retailers and their suppliers to talk remotely and it has already picked up some the largest names in UK retail as customers including Tesco, John Lewis, Sainsbury’s.

The NHS, too, is using it to improve its procurements systems.

Sales have grown by 70% over the past year and it is currently the biggest success in AIM-listed Legendary’s portfolio.

Read: Legendary Investments swings to profit in full year as it proposes name change to Eight Peaks

But Karim is enthusiastic too about New Zealand-based fintech IBS, where it has an 11% stake, and he himself owns 35%.

IBS has just received a licence to do business in NZ, which is no small feat, says Karim.

In its last financial statements, the stake in IBS was valued at about US$1.1mln, but fintech is a hot property globally and New Zealand relatively untapped.

Legendary also has a 9.7% stake in fast growing corporate funder Crowd for Angels and a 2% stake in offshore Tunisia-focused oil group Dunraven, all of which are held in the books at very prudent valuations, says Karim.

That conservative approach is perhaps one reason why the shares currently trade at a discount to net assets, but Karim is upbeat.

Dunraven is set to list next year while Virtualstock is already eyeing a float on Nasdaq, where valuations are traditionally much higher than in London.

Selective approach

Karim says Legendary’s approach is very selective, something that is not going to change soon.

The aim is for a success rate of one in 25, itself much better than the average for early stage investors, but so far, the hit rate is five out of twelve.

Net assets at end March are worth £6mln, and are currently at £6.5mln compared to market cap of £3.65mln at 0.1p.

In May, the company raised £550,000 through a placing and subscription at 0.1p that was backed by Karim.

“We’ve kept our head down, he says, but we know what we are doing and now have a stable of investments coming to maturity at different times.

“We are looking to take the company to the next level, including by strengthening the board.”

Wed, 22 Aug 2018 14:14:00 +0100
<![CDATA[News - Legendary Investments swings to profit in full year as it proposes name change to Eight Peaks Group ]]> Legendary Investments plc (LON:LEG) has reported a swing to profit in its full-year results while also proposing a name change to Eight peaks Group PLC.

The AIM-listed investment firm, which focuses on small companies and start-ups, reported a pre-tax profit of £664,000 for the year, up from a £281,000 loss in 2017, while the value of its investment grew 44% to £6.2mln.

WATCH: Legendary Investments 'unlocking private opportunities' for retail investors

The company also said its net assets had increased to £6mln from £4.7mln the year before, with a net gain on the fair value of its investments of £1.2mln, up from £45,000 previously.


Looking ahead, Legendary said it had plans to augment its board in addition to a proposed name change to Eight Peaks Group which would be voted on at the group’s next annual general meeting.

Legendary said the current name was associated in several circles "with its pre-2011 history and management", and so the change would serve to remove this connection.

The company also said a resolution would be tabled to consolidate its shares in the ratio of around 377.19 to 1.

Legendary’s executive chairman, Zafar Karim, said that of the 12 investments made to date, 5 were now valued at around 1.3 times to 35x what the company invested, while 3 others had listed on various exchanges.

In late-afternoon trading Tuesday, Legendary’s shares were up 5% at 0.1p.

Tue, 21 Aug 2018 15:00:00 +0100
<![CDATA[RNS press release - AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2018 ]]> Tue, 21 Aug 2018 12:50:14 +0100 <![CDATA[RNS press release - Virtualstock Holdings Appointment of Chairman ]]> Tue, 31 Jul 2018 07:00:24 +0100 <![CDATA[News - Legendary Investments: Ground floor access to early stage opportunities ]]> Legendary Investments basically unlocks private opportunities that aren't available to public investors.

WATCH: Legendary Investments 'unlocking private opportunities' for retail investors

We invest in private companies that are not listed, usually small companies, and we nurture them, provide lots of contacts, advise and help them grow with a view to eventually being involved in a trade sale or listing.

This is very different from an investment trust, which will invest in public companies. We are somewhere between an angel investor and venture capitalist.

Isn’t this a speculative business?

Perhaps it can be considered speculative, but you have to look at the track record.

If you look at blue sky investments where you invest in a business plan it's usually 1 in 100 that goes well.

At the other end you have private equity investments, which are more mature companies, and here it is one in five that goes well.

We set this up with a view to one in 25 going well. Our hit rate so far is five out of twelve.

In terms of return on investment what can shareholders expect?

So far our most successful company to date is a tech company.

When we first got involved we were the first outside investor and still are the largest outside investor

We invested at a valuation of £2mln. Last year a VC invested at a valuation of £66mln, that's a 33 times increase and since then the company's made more progress.

It’s pretty much doubled its revenues, won more clients. And these clients include Tesco, Sainsbury's, Argos, Carphone Warehouse, so this is a massive success

You are looking at looking at many tens of times return.

Why are you the best person to run Legendary?

My career started at Salomon Bros in the Liar’s Poker years, which was a fantastic time to cut my teeth.

I moved to London and did a lot of emerging market work and then spent several years at Rothschild.

But I wanted to be a principal not remain an adviser so in the early 2000's I started doing this off my own balance sheet.

I had a number of successes including some listed companies that I rescued.

One when I got involved had a sub- £10mln market cap and when I left a few years later was worth £80mln.

And Legendary became available as a vehicle and I thought let’s do this from a public company platform as it gives an opportunity to do it in a far more effective way.

How do investors make money?

When we set this up we knew this would take some time because investments take time to come to fruition.

In 2015, the share price was about the level it is at now but net assets were less than half the current value.

Now the net assets are £6mln or so, which is 2- 3 times higher, but the share price is where it was then.

The companies in the portfolio are bigger stronger with far better prospects so I think people can make their own minds up about which direction the share price might go and where it might get to.

Are you confident about company forward?

We did really a placing recently and it was oversubscribed quite significantly.

We were looking for a few hundred thousand but we actually got significant more at £550,000.

I personally put in one hundred thousand pounds and I guess that a symbol of my confidence.

Personally I have 4% of the company all of which I bought in placings, so if that's not a vote of confidence than I am not sure what is.

Looking ahead – what’ s in store for the portfolio?

I think oil company Dunraven is going to move quite fast and could get a listing.

It has one asset with potential proven reserves of 100 million barrels.

We hold it on our balance at a couple of hundred thousand – so that’s a potentially massive return.

At Virtual Stock, another one of our companies, their CEO has said they want to list potentially on NASDAQ in next 18-24 months.

IBS, a banking services platform, recently obtained its licence and I think there's a lot of good to come out of that.

To sum up?

Legendary is a way of getting into the opportunities before they become public and generally returns before the IPO far greater than returns after IPO

If an investor wants to enjoy those returns, this is one way of getting access to them. 

Fri, 13 Jul 2018 12:12:00 +0100
<![CDATA[Media files - Legendary Investments 'unlocking private opportunities' for retail investors ]]> Fri, 13 Jul 2018 09:12:00 +0100 <![CDATA[News - Legendary Investments shares jump as it expects to swing to profit from loss ]]> Legendary Investments plc (LON:LEG) shares jumped on Monday morning as the firm said it expects to report an annual profit compared to a loss the previous year and increase in investments and net assets.

In a trading update for the year ended 31 March 2018, the AIM-listed firm said its net profit was £0.665mln compared to a loss of £0.281mln a year ago, achieved on the “basis of a very conservative historic transaction based valuation policy.”

READ: Virtualstock share sale boosts Legendary Investments

The company said its investments jumped 46.5% to £6.2mln from £4.3mln and net assets rose 27.7% to £6mln from £4.7mln.

Zafar Karim, executive chairman of Legendary Investments, said: "Progress continues at Legendary and its investee companies. Indeed, we expect post year end net assets to be higher than the year end value.”

He added: “Having established a solid track record of successful proactive investing, we now intend to take Legendary to the next level of its development. We look to the future with increased confidence and thank our shareholders for their continued support."

In morning trading, Legendary Investments shares jumped 22.2% to 0.11p.


Mon, 09 Jul 2018 09:07:00 +0100
<![CDATA[RNS press release - Trading Update ]]> Mon, 09 Jul 2018 07:00:04 +0100 <![CDATA[RNS press release - Circle Oil Tunisia Limited Update ]]> Wed, 27 Jun 2018 07:00:05 +0100 <![CDATA[RNS press release - Crowd for Angels (UK) Ltd Update ]]> Thu, 21 Jun 2018 10:50:44 +0100 <![CDATA[RNS press release - Director Subscription ]]> Mon, 14 May 2018 15:11:34 +0100 <![CDATA[RNS press release - Placing and proposed Subscription ]]> Mon, 14 May 2018 12:43:51 +0100 <![CDATA[RNS press release - Authorities to Operate Granted to IBS ]]> Mon, 23 Apr 2018 13:46:51 +0100 <![CDATA[RNS press release - Appointment of Broker ]]> Wed, 28 Mar 2018 15:33:13 +0100 <![CDATA[RNS press release - Virtualstock partners up with Previse Ltd ]]> Wed, 28 Mar 2018 07:00:03 +0100 <![CDATA[RNS press release - Process to appoint replacement broker ]]> Fri, 02 Mar 2018 12:17:51 +0000 <![CDATA[RNS press release - Wincanton and Virtualstock strategic partnership ]]> Tue, 23 Jan 2018 11:54:08 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 16 Jan 2018 12:23:15 +0000