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Virtualstock share sale boosts Legendary Investments

The valuation means Legendary's stake in the company is now worth more than £4mln, it said.
Virtualstock share sale boosts Legendary Investments
Jenkins bought a “small stake” in Virtualstock for £58mln

Legendary Investments (LON:LEG) chief executive, Zafar Karim, said he was “delighted” that Moongpig.com creator Nick Jenkins bought a stake in Virtualstock Holdings.

Jenkins bought a “small stake” in Virtualstock for £58mln from the founders of the company, who remain the majority shareholders with more than 25%.

It is a substantial premium to the previous valuation of the company of £25mln back in April 2014.

Nick Jenkins, said: "I am delighted to be a shareholder in Virtualstock and in particular, I am extremely excited about the enormous cost saving potential this groundbreaking technology will bring to the NHS."

VirtualStock provides inventory and order management software to NHS hospital trusts.

Legendary owns a 7% stake in the company.

The valuation means Legendary's stake in the company is now worth more than £4mln, it said.

At its current price the investment firm has a market capitalisation of around £2.5mln.

Shares jumped 37.25% to 0.11p today.

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CN Research
September 03 2018

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