News blog

Legendary Investments

  • BY: Andrew Hore |
  • POSTED: 01/05/2011 |

Investment company Legendary Investments is moving into the renewable energy sector through its interest in a Latin American biofuels business.

Legendary was originally a general investment company run by Shami Ahmad, the bankrupt Joe Bloggs jeans entrepreneur. The trustees of Ahmad’s bankruptcy still own 23.4% of the company.

Legendary is supplying Pongamia Pinnata scions and grafts of mother trees for a new plantation in Mexico which will be operated by a company in which Legendary has an option to acquire 40%. This deal follows last December’s appointment of Rajesh Rai, who has experience in the plantations and biofuels sectors, as a director of Legendary. His role is to source and oversee investments in the renewable energy sector. Rai was involved in the original negotiations when Legendary was granted an option to acquire up to 40% of Bosques Energicos EBE SA de CV in November.

Mexico-based Bosques Energicos is developing Pongamia Pinnata trees for a 2,000 acre plantation. Their seeds can be crushed to produce biodiesel and the remaining oil cake can be used as fertiliser. The attraction of Pongamia Pinnata is it can be grown on degraded, marginal or saline land, which means that it is not using land that could be easily used to grow food. It has a low requirement for water.

Bosques Energicos will pay Legendary for the supply of the scion material and it can also sub-licence the materials to other companies in return for paying a royalty to Legendary.

Mining company investor Bruce Rowan owns 23.4% of Legendary having invested £225,000 at 0.1p a share in March.

At 0.26p a share, Legendary is valued at £2.5m.

See www.quotedcleantech.com for more news on Aim-quoted cleantech companies.

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