Legendary Investments has cleaned up its portfolio and raised new funding to support both existing and possible new investments, along with its working capital needs. Like all early-stage or ‘venture’ investment vehicles, sorting the ‘wood-from-the-chaff’ is a process best left to the experienced. LEG’s management brings exactly this, having demonstrated the ability to both create value for investors and, just as importantly, to recognise when is the time to cut failing opportunities. Now trading at a discount to Beaufort’s estimated ‘sum-of-parts’ and with one of its investments seemingly offering the relatively near-term potential to create significant additional investor value, we have taken a closer look at this opportunity. Following this, our Speculative Buy recommendation on the shares is repeated, while also revising the target price to 0.5p/share. – 16/05/16
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