I suppose the real fear is that this will go bust. Unless it builds up its student income quickly that is more than a possibility. |
They are 20% down in less than one month.
At 40p they are worth running the slide rule over |
Most delusional Annual Results I have ever read ! A trail of disaster, financing and decision making, set to continue into the future. |
As usual Skyship was right.
Even at .49 p I think they are overvalued. |
No way out. |
Car crash results. The amount of debt and asset concentration make insolvency a real risk. |
The NAV seems to be in freefall...
Net asset value ("NAV") decreased in the year by £34.0 million to £61.1 million (103.0p per share; 2023: 159.4p per share). This was derived primarily from a £28.3 million write down in the carrying value of the Group's properties. In addition, the Group incurred £4.3 million of net operational, administrative and debt financing costs and wrote down its £1.4 million investment in the proposed residential development at the Fruitmarket site in the St Philip's Marsh area of Bristol ("Bristol"). |
But it has to be value at some stage? |
Robert Ware - the kiss of death for shareholders! Sp now at 63p - a notional 59% NAV discount. Even so, will leave it well alone. |
And still it falls
52 week low today |
ZDP raised £5m and it cost £1m in expenses so net £4m...bonkers |
Share buybacks are very rarely good use of shareholders funds. Nothing wrong with the dividend, nothing wrong with reducing debt, nothing wrong with investing funds to make a profit.
Just occasionally they make sense for private equity funds trading at a huge discount. Private equity funds rarely invest and make a huge profit at the outset, whereas buying shares back at a discount of 40% makes a huge difference. |
Long term he probably is.
The ZDP and the very expensive recent debt mean I wont be buying for a while.
The problem here is that it is now a one trick pony.
There is no market for a 693 student res. While the rooms will let every day of the week there are at the moment no buyers for such blocks. Look at WJG it hasn't had a sale in ages and if I am I right its share price will fall again following its next set of results in January.
I have read a lot about Conygar since its foundation. It goes to show how stupid it can be to do share buybacks. They wouldn't need that crazily expensive borrowing if they hadn't. |
I very much hope that Simon is right. To date it has been a great opportunity to lose money. |
Rated recovery buy by Simon Thompson (IC 24 November) |
Though I read this mornings results (with alarm).
The NAV has fallen 30%.
To say the least that is pretty frightening.
Any one want a 693 bed student residence in Notttingham - going once! |
Bank of England base rate plus 5.9% gives 11.75%.
It just goes to show how stupid their earlier decisions in buying back shares were
It’s very hard in the property game to make money paying interest rates of these levels and shows how poorly the uk is served by property lenders. 9% on the zdp and they couldn’t raise enough on that
I have taken this share off my radar |
Trading very substantially below NAV.
The student accommodation is due to be open in September but it doesn’t d seem to have any online presence.
I tried to send a query through the Island Quarter website but there seems to be something wrong with it. |
Apparently the recent ZDP issue is listed on The International Stock Exchange which seems to have an address in Guernsey |
Silly question - are they quoted? |
db - Any idea of the EPIC for the new ZDPs? |
 9% GRY on the new Zeros.Very generous.
2 October 2023
The Conygar Investment Company PLC (the "Company")
Conygar ZDP PLC (the "Issuer")
Result of ZDP Issue
Further to the announcement made on 28 September 2023, the Issuer is pleased to announce that it has raised gross proceeds of GBP15.0 million pursuant to a placing (the "Placing") and parent subscription (the "Parent Subscription" and together with the Placing the "Issue") of 15,000,000 zero dividend preference shares ("ZDP Shares") at a price of GBP1.00 per ZDP Share (the "Issue Price"). Further details will be provided in the listing document (the "Listing Document") expected to be published by the Issuer on 3 October 2023. The Parent Subscription amounted to a total of 10 million ZDP Shares as part of the Issue.
The ZDP Shares have a life of five years and a final capital entitlement of 153.86 pence per ZDP Share on the 4 October 2028 (the "ZDP Repayment Date"), equivalent to a gross redemption yield of 9.0 per cent. per annum on the Issue Price. |
ST (IC) ramps again... |
ST (IC) persists in trying to ramp this one upwards - at it again this week!
As I stated above: "...research a little further and you will find why they stand at a high discount. They share the same problem as with MVI - control by Robert Ware - a major negative!" |
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