Virtualstock share sale boosts Legendary Investments
Published: 06:47 05 Oct 2015 EDT
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.
