Legendary Investments PLC raised £550,000 in an oversubscribed offering of 550.0 million new ordinary shares at 0.1 pence apiece.
This includes the 100.0 million shares Legendary Investments Executive Chairman Zafar Karim intends to subscribe for. Following the subscription, Karim will have a beneficial interest in 155,727,273 ordinary shares, representing about 4.05% of the ordinary share capital of the company.
Completion of the fundraising is conditional, among other things, upon the admission of the ordinary shares to trading on the AIM, a submarket of the London Stock Exchange. The admission of the shares is expected to become effective and dealings are expected to begin on or around May 17.
Legendary Investments will use the proceeds to fund seed investments, repay debt and for general working capital purposes. Karim said in a filing that the company is looking into invest in technology, content and media sectors.
Grant Thornton UK LLP served as the nominating adviser, while S.P. Angel Corporate Finance LLP served as the broker.