Share Name Share Symbol Market Type Share ISIN Share Description
Conygar Investment Company LSE:CIC London Ordinary Share GB0033698720 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.75p -0.48% 156.25p 154.50p 158.00p 157.00p 156.25p 157.00p 50,009 15:48:53
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 11.7 7.8 7.7 20.2 120.67

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Date Time Title Posts
06/9/201622:02Conygar Investment Company Plc.1,147
07/10/200908:47COYGAR TO TAKE OFF?87
03/1/200819:41Invest in the people73

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DateSubject
24/9/2016
09:20
Conygar Investment Daily Update: Conygar Investment Company is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker CIC. The last closing price for Conygar Investment was 157p.
Conygar Investment Company has a 4 week average price of 157.75p and a 12 week average price of 145.29p.
The 1 year high share price is 177p while the 1 year low share price is currently 126.75p.
There are currently 77,231,435 shares in issue and the average daily traded volume is 55,532 shares. The market capitalisation of Conygar Investment Company is £120,674,117.19.
05/11/2015
19:11
crooked lawyer: well I have stayed quiet for a while and watched...share price seems to be consistently dropping. Interesting they have bought the great white elephant of the old Shell Oil storage depot. Hopefully in anticipation of Wylfa being re vamped by Hitachi. At least the Welsh are going with Japan..lol...still nothing happening in S Wales...though I hear rumblings of discord between Stena and Conygar. Also that the truck stop isnt doing so well as the truckers dont want to pay to use it....we will see....anyone got any comments?
25/9/2015
17:06
crooked lawyer: Hmmm 2. I am still here still looking this "interesting" little company...quite right and have you had a look to see just exactly who the new finance director is and the companies hes involved with? Both dummy dormant companies based at suprise suprise, the same address in good old Wigmore Street....what with the departure of the Prop Manager earlier and now Peter sets sail to do "his own" thing...what exactly is going on.??...see the share price isnt doing too brilliantly either...nothing happening in Conwy, nothing in Haverfordwest...nothing in Pembrokedock...???? nothing anywhere...comments on my rants welcome and will be taken in good humour. Lovely weather..Indian Summer...enjoy.
25/6/2015
14:33
skyship: "...your final comments don't seem to tie in with the share price chart over the last two and half years - or even the last five years." Quite so. The time to buy, when many of us did, was back in 2012 when they were unloved, criticised and trading in the 80s/90s on a 40% NAV discount! They are best left for the time-being IMO. PCTN & SREI were two others hitting those absurd discount levels back in 2012 - somehow that 40% level has always been good as the absurdity triggers action of one form or another. The only UK propco now offering that value is LSR, which is in liquidation mode. The NAV discount is 33%; but 40% to the EPRA NAV. This link shows the write-up I did last week: http://uk.advfn.com/cmn/fbb/thread.php3?id=29245091
15/6/2015
12:15
grahamburn: Putting your detailed local knowledge to one side (fully accept that this needs to be recognised and taken on board by shareholders), your final comments don't seem to tie in with the share price chart over the last two and half years - or even the last five years.
20/6/2014
16:06
etarip: Yes, and what does the share price do? Goes down!
12/5/2014
10:47
greg the grinch: I'm not selling for a couple of years. I always suspected that things were on the books at a low value but this confirms that the true NAV is considerably higher. Sit and wait and all these projects will come to fruition at a much higher share price from the above link I draw attention to this bit :o) "Conygar holds its Welsh assets in its books at a very low value, so analysts at stock broker Liberum believe they could be worth 55 per cent more than their current value as the sites start to be developed. This should have a big impact on the share price. Midas verdict: Conygar's shares has been held back as the company has wrestled with planning authorities and a subdued property market. Now it is on the cusp of change. Buy now and reap the rewards over the next three to five years."
30/1/2014
09:43
ialwayswinatmonopoly: Lifted from investtech.com CONYGAR INVESTMENT CO(THE) (CIC) - Price: 152.75, 29 Jan 2014 CONYGAR INVESTMENT CO(THE) has fallen back towards the floor of the rising trend channel. A continued rise may be expected and the current price level may be a good entry price. Has, however, broken a support level in the short term and given a negative signal for the short term trading range. The stock is testing the support at pence 151. This should give a positive reaction, but a downward breakthrough of pence 151 means a negative signal. The stock is overall assessed as technically positive for the medium long term.
06/1/2013
18:40
skyship: Just posted this on TMF in support of my Annual Tip comp over there: ==================================================================== Many on this thread will recall from just a year ago the opprobrium aimed at the Directors of Conygar Investment Company (CIC), the property company run by Robert Ware, well-known as the former boss of property major MEPC. CIC took a real hammering in the PR stakes following an absurdly high remuneration and bonus policy. I was one of the many who added their name and pledged their holdings to the action taken by Carmensfella and Roger Lawson's Share Society, to seek a change to the outlandish Remuneration package then in force. They are putting it right, partly, and relying on the passage of time and underlying performance to regain trust. They are halfway there after this piece in the recent Annual Report:- ============================================= Review of Remuneration Policy At the last Annual General Meeting, the Chairman committed to consult with a wide range of shareholders with respect to the Group's remuneration arrangements for Executive Directors. We have also monitored and reviewed the topical debates in this area. It is essential that remuneration remains sufficiently competitive to attract, retain and motivate high quality management to achieve challenging targets. The Group has been well run and has continued to grow through one of the worst downturns in living memory. However, we acknowledge that bonus payments, in whatever form, should only arise for true out-performance and to that end, we have increased the post-tax hurdle rate on the Profit Sharing Plan to 10% per annum on a cumulative basis. In addition, we have introduced a share price condition. The remuneration committee does not intend to pay out a bonus unless the market share price is at least 65% of audited net asset value per share. We have also made a number of lesser amendments to clarify and simplify the Plan, but in the main, our shareholder consultees were satisfied that the basic structure is appropriate for our business model. ================================================= I've been watching and waiting for CIC to emerge from its long, self-induced pariah status. It's a bit soon, they may not be there yet, but I certainly feel the Company is now in remission; and at 90p the yawning 46% discount to the 168p NAV may well be even higher due to the undoubted potential of their un-revalued development projects. There are many reasons why I believe now to be a good buying opportunity: 1. The basic fundamentals of the business are sound; and by any Commercial Real Estate metrics the share price is now significantly undervalued – see the annual Report HIGHLIGHTS below. With the high-yielding portfolio and considerable development potential, the share price might normally be expected to be standing at no more than a 30% NAV discount, ie 117.5p – some 30% higher than the current level 2. The Company's share buyback programme underpins the current share price, is NAV accretive and over time is replacing the selling from more traditional fund management groups with what may be considered more entrepreneurial and active shareholders – the most recent two being Majedie Asset Management (5.5%) and Baker Street Capital Management (6.0%). The Share Buyback Scheme will be renewed at the AGM on 15th January. 3. On the new development side the Company has a development land bank, conservatively held at a cost of £30.8m, with various associated planning processes proceeding well. Short-term progress on any one of the Fishguard, Holyhead or Haverfordwest projects might be expected to have very positive NAV implications. All is fully detailed in the Annual Report and in this link to the Company website http://www.conygar.com/project-gallery.html 4. The Company has very low gearing for a property company. The current LTV is just 27.4%. There are no funding concerns and the current cost of borrowings is a hedged 4.44%. 5. Technically the shares have traded out of their 2011/12 downtrend and have spent the past 4months consolidating above the 50day & 200day MAs. The way now looks set to challenge the 100p resistance last attempted in Dec'11. A successful break North would provide the impetus to targets around 120p. 6. Finally, there has to be the very real possibility that Robert Ware will retread a path he took many years ago with MEPC, ie an opportunistic MBO. Before any upside kicks in from the development projects, he could be tempted to launch an admittedly cheeky but likely successful offer at a 25% NAV discount. After all, who would turn down a cash offer @ 126p – a full 40% higher than the current offer price of 90p. Other than the historic corporate governance concerns, the only other negative to an investment here is that regrettably they continue to be rather parsimonious with the dividend, stating "Our dividend policy is unchanged in that we will aim to provide some income return to shareholders but for the most part retain profits for reinvestment in the business." At 90p the 1.25p annual dividend provides a yield of just 1.39%. To summarise, I believe CIC to be a great Risk/Reward play - perhaps 5% downside versus a quite clear 33% upside to 120p.....& possibly then some! The famous US hedge fund manager Seth Klarman would view CIC as a cigar butt opportunity – ie, time to pick up a valuable commodity being carelessly discarded by others. ========================================================= A good report following the Prelims in Nov'12: http://uk-analyst.com/shop/page-article/action-article.show/id-130020511 ================================ CIC Annual Report – Y/e 30/09/12: HIGHLIGHTS ● NAV/share increased by 7% to 165.9p (2011: 155.2p). EPRA NAV/share increased by 8% to 166.9p (2011: 153.9p) ● Pre-tax profit for the year £7.46 million (2011: £1.76 million) ● Acquired a portfolio of nine freehold and long leasehold properties (the "Edinmore portfolio") for £39.8 million with a net initial yield of 10.6%. Valued at £42.4 million as at 30/09/12 ● Obtained planning consents for our £100 million waterfront development at Fishguard, West Wales and our mixed-use marina development at Holyhead, Anglesey, Wales ● Net debt of £48.2 million representing gearing of 31.3% against NAV and 27.4% on LTV ● Strong cash flow and debt capacity for future acquisitions, with total cash and undrawn committed facilities exceeding £50 million ● Share buy back: the Group acquired 9.1% of its ordinary share capital at a weighted average price of 90.8p/share ● Post period end, submitted planning application in respect of the 60,000 square foot Sainsbury's retail food store and 835 residential plots in Haverfordwest Summary Group Net Assets As At 30/0912: GBP'm p/share Investment Properties 176.0 189.6 Development Projects 30.8 33.2 Cash 31.5 33.9 Other Net Liabilities (4.6) (5.0) ------- ---------- 233.7 251.7 Bank Loans (79.7) (85.8) NAV/share: 154.0 165.9 ======= ========== ============================================= Links to the principal assets in the property investment portfolio: http://www.conygar.com/Portfolio/EdinmorePortfolio/11 http://www.conygar.com/Portfolio/LamontPortfolio/3 http://www.conygar.com/Portfolio/TheAdvantagePropertyIncomeTrustLimited/1 =============================================
29/11/2012
12:09
skyship: That 65% of NAV equates to an share price of 108p. This looks set for a recovery to the 100p resistance; whilst planning consent at Haverfordwest would add certainly another 15p-20p to the NAV - possibly more. that would likely propel the share price back to the 120p level last seen in Q1'11. Of course Labour councillors tend to reject planning gains for development companies; but at Haverfordwest, if they were to reject the CIC plans, who else is going to pump money into this mid-Wales town? I expect buybacks to kick in again after the AGM; so have bought a few @ an average of 91p today - though only a small allocation. ======================================================================== Review of Remuneration Policy: At the last AGM, the Chairman committed to consult with a wide range of shareholders with respect to the Group's remuneration arrangements for Executive Directors......................The Group has been well run and has continued to grow through one of the worst downturns in living memory. However, we acknowledge that bonus payments, in whatever form, should only arise for true out-performance and to that end, we have increased the post-tax hurdle rate on the Profit Sharing Plan to 10% per annum on a cumulative basis. In addition, we have introduced a share price condition. The remuneration committee does not intend to pay out a bonus unless the market share price is at least 65% of audited net asset value per share. We have also made a number of lesser amendments to clarify and simplify the Plan, but in the main, our shareholder consultees were satisfied that the basic structure is appropriate for our business model. Administrative Expenses: The administrative expenses for the year ended 30 September 2012 were GBP2.5 million, a decrease of 53% from the previous year. The primary reasons for this are the profit share payment of GBP2.6 million paid in 2011 to the executive directors. The majority of other costs arise as a result of the Group being quoted on AIM with no significant changes in 2012.
29/8/2009
18:24
sharpshare: After the TAP takeover CIC diluted estimated NAV now about 202p per share with loan to value gearing around 32%. Share price 108.5p; Current discount about 93.5p or 47% to NAV. MAX Property share price around 130p giving a premium of about 33% to NAV. If CIC gets similar rating then CIC share price could be around 255p. TAP takeover looks like a brilliant move from CIC. They bought about 29% of TAP shares from a possible distressed seller at about 14p and then to win control they offered a paper swap ensuring that it was NAV accretive for CIC shareholders. CIC management deserve to be congratulated. For minority TAP shareholders it is not all bad news, apart from suffering some NAV dilution they get very good shrewd management expert in property finance, development and trading, potentially lower cost in house management with personal equity at stake plus lower LTV gearing which should lead to cheaper borrowing costs. Was TAP effectively a forced seller in recent months to stop LTV covenants from breaching? With new cash the threat of forced selling may be replaced by opportunistic selling which should achieve much higher prices. At a guess opportunistic selling should achieve at least 10% higher prices than a forced sale. Of course if UK commercial property prices fall substantially from here then it would have been a poor deal for CIC. For CIC NAV calc I have combined CIC + TAP assets and liabilities, excluded TAP interest rate swap fair value notional adjustment from liabilities, revalued CIC marina developments by a conservative 50% as they are in the balance sheet at cost, assumed TAP to be owned 100% and have assumed ZDP's convert into ords. Feel free to make your own version of estimated NAV calcs... If you were an investor who has just sold a UK govt bond to the Bank of England for a very nice price thank you and now has loads of cash it would be a) very tempting to buy UK property yielding around 9%, b) shares in FTSE100, c) cash yielding .5%, d) foreign assets. In fact the GBP 175 billion of newly printed and to be printed money is finding it's way to all such assets and more. As more and more money is printed the nominal value of real assets such as buildings goes up and the real value of debt goes done and by the process of mathematics the value of residual equity in leverage buildings goes up even faster. The UK stock market seems to have reached the same conclusion. Almost all UK listed property companies have rallied strongly in the last 3 months. CIC has not yet. If you think that UK commercial property values are near bottom then CIC looks like a bargain.
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