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Legendary Investments shares soar on news of planned biofuels investment


Shares in Legendary Investments PLC (LON:LEG) were boosted today by news that the group has negotiated an exclusive option to invest in Bosques Energicos EBE SA de CV (BE EBE), a biofuels company specialised in oil and food crop production in Mexico.

It also announced a share placing to raise £60,000 at 0.15 pence per share, a 63 percent premium to yesterday’s closing price of 0.092 pence. The money will be used for working capital.

The news was released at lunchtime and propelled Legendary’s stock to trade up nearly 57 percent in early afternoon deals, at around the 0.14p level.

The option will enable Legendary to invest in up to 40 percent of BE EBE. The business is developing a mother garden of Pongamia Pinnata trees as a precursor to developing a plantation of Pongamia Pinnata with agricultural/oil intercrops on at least 2,000 acres of land.

Legendary will obtain representation on BE EBE's board.  The option to invest is exercisable in three tranches at Legendary's discretion, and subject to progress at BE EBE against an agreed business plan.

BE EBE has a nursery consisting of 15,000 saplings of Pongamia Pinnata, a hardy tree that produces pods which bear seed. The seeds can be crushed to produce bio diesel. The remaining oil cake is a rich fertilizer.

Pongamia Pinnata utilises degraded, marginal or saline land and has low water need. The tree can utilise land not currently used for food production and can be used to combat desertification. Once the tree is fully productive, yields are greater than many other oil producing crops. Pongamia Pinnata is regarded as a premier crop for bio diesel production.

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