Yes u r right there. It will be interesting to see just where this all ends up. Robert Ware and Co r looking at their pension pots. I have been wondering how long it will be before CIC winds up or re invents its self with Ware and Jones jnr at the helm. |
Think they are more interested in letting the share price tank and doing buy-backs than paying a dividend as it makes more for the big holders. |
 Extract from the notice of general meeting re Capital Reduction now not available to view on the CIC website
The purpose of the Capital Reduction is to create distributable reserves in the Company to facilitate the future consideration of payment of dividends to Shareholders, where justified by the profits of the Company,or to allow the buy back of Ordinary Shares. In order for the Company to have the ability to return money to Shareholders including by way of dividends or carrying out buy backs of Ordinary Shares (if considered
appropriate), it is necessary to effect the Capital Reduction.
If the Capital Reduction is approved by Shareholders at the General Meeting, it will be subject to the scrutiny
of, and confirmation by, the High Court and, subject to that confirmation and registration by the Registrar of
Companies of the order of the High Court, is expected to take effect during September 2016. Assuming
that there is no material change in the financial position or prospects of the Company, and subject to any
undertakings which the Company may be required to offer the High Court for the protection of creditors,
the Board anticipates that the Capital Reduction will result in the creation of distributable reserves of
approximately £125,371,000. The sum of up to £125,371,000 will be potentially available for the purposes
set out in the paragraph above.
5 |
Lol...thanks for making me laugh...and I mean that in the nicest way...no hes not Welsh...I am...I agree with you. I dont know if I agree with you about the land of no money tho I would say there is precious little in N Pembs. Most is spent on the Cardiff/Glamorgan area.
I dont think he is trying to build a legacy. I honestly dont know how he got involved down this end. I suspect it was through Dafydd Jones and their children may have been at school together. Rugby?. Anyway that is pure conjecture. The Marina in Fishguard got going in 2003 with what was Objective 1 EU funding. Dafydd Jones of Beaumaris Boat Company had a plan to build a Marina in Beaumaris but it came apart as the local fishermen took him to the High Court as the impact it would have on their business would be to destroy it. It was upheld. He then turned his attention to Fishguard. Everything was in place in about 2007 but then Mark Roberts who had a habit of buying up Lordships contested that he owned the rights of access. That went to the High Court the judgement went against him to do with the Queen retaining squatters rights - v interesting. BUT, this delayed it all and the money ran out and thats when somehow Conygar got involved. So...the Marina Development and the N Wales business interests esp the old Brick Works site at Llandudno Junction came on board because of Dafydd Jones. Dafydd Jones died in May this year. Its most likely that because he was the only Marina Developer that now Conygar have withdrawn as it was going to be his money or his sourcing of the income that built and constructed the Marina Developments. Conygar dont construct but purely sell on. Hence they are now in this situation. Its interesting. The Mochdre site in Colwyn Bay is an interesting one as it used to be old site for Quinton Hazel and Diamond Stylus in the 70's both long gone. Conwy BC are now renting the space for 240K pa...As for the Junction site well that remains to be seen. Sainsburys pulling out of both developments I suppose to be fair could not have been foreseen. Now the Haverfordwest site is being advertised for a Cinema complex but there is also another Planning App in for a Cinema in the centre of the town. So...No dividend either and the whole issue of the Capital Reduction and share Buy back this summer was sold as a way of dishing out some more dosh to the shareholders. I said then that this was not likely to happen and I was right. I just follow out of interest. It will be interesting to see what happens with Holyhead and I dont know if I would want to be a worker living on the old Brown Field Shell site in Anglesey while they re do Wylfa...would you?...Anyway at the end of the day it makes for interesting reading and it will be interesting to see what exactly does happen. I have my own beliefs as to the eventual outcome for Conygar. I am glad that the rat business is booming for Rentokil..lol. |
Is Robert Ware Welsh? - not sure I've ever followed the Welsh development pipeline as property development in the land of no money isn't really the best market to focus on! I'm half Welsh by the way, so it's not a dig at Wales but just an observation. Looks like he's trying to build a legacy. None of the development projects have really progressed in 5 years. Palace Capital versus Conygar..not difficult to pick the winner and more dynamic management team. |
It was to be expected. This company does NOT produce anything. This is something people dont realise. Its all in the pipe line. So, when developments fail to materialise like Haverfordwest Saisburys Development now scratching over a cinema complex to fill the gap, lol....and you end up with a total withdrawal from Pembroke dock Marina development is written off to being non viable...that says it all.
It never was. All of those who live locally knew this as is Fishguard not viable. The only way anyone can make any money there and in Fishguard is in the Commercial Retail and Housing market.
Once Dafydd Jones died in May this year then the Marina element became even more non viable as he was going to put in the money ( where from who knows EU, WG ) to construct the platforms. 17 million to construct Pembroke Dock and we know its a minimum of £40 million and rising to get the development in at Fishguard...so who on earth is going to do that? No one with any business intelligence or acumen.
Anyway as to the rest of it...the so called promised dish out of the dosh post Capital Reduction was never going to happen and yes, you are right all that these group of Directors have ever done is pay themselves very nicely thank you and will continue to do so.
Estimated debt for Conygar has got to be near the 100m mark...so there is no money because few of the projects are coming to fruition. All this company does is get in the planning applications in readiness to sell on. Problem is in todays economic climate of Brexit just as one excuse is that no one is buying. Robert Ware I should imagine is looking at his retirement package. |
Fairly poor results and the derisory dividend binned because of a non-cash impairment. Not sure the directors care about the share price. This announcement will have the desired effect of allowing them to buy more shares cheaply. Think they should have at least held the nominal 1% dividend. Not sure that I rate Robert Ware really; he is not really putting shareholders interests at the top of the agenda. This company hasn't really delivered for years; it just seems to be a value play whilst the directors get overpaid for a part-time job. |
The capital reduction was 'sold' as a precursor to share buybacks and paying dividends. I would have expected some movement by now...ie buying to start earlier this month but no sign and certainly no announcements...so something would be good!...sooner rather than later Guys.... |
So re capital reduction....when are we likely to see dividend payouts re share buy back...and in general...some benefit to the share holders or is this Capital Reduction a pre cursor to "something else"? |
Thanks for that I have been away...will look it up....I see that they have got their Capital Reduction. I wonder what they will do. Will they wind up the company and sell of their Planning permissions or will they use the money to re invest in their projects to bring them to fruition. |
crooked lawyer
Big write-up in this week’s Investors Chronicle (2 pages from Simon Thompson).
(I don’t hold CIC) |
Apologies, I thought the thread was valid. Capital Reduction. Conygar has called a General Meeting details are under the news section of the CIC's web site. The purpose is to gain approval for a Capital Reduction. They will then go to the High Court to obtain a ruling. |
hxxp://irservices.netbuilder.com/ir/conygar/newsArticle.php?id=1883763&ST=CIC |
Yes, I agree. I dont think you are missing anything. They have just put in for planning for a cinema complex on the failed JS site in Haverfordwest but at the end of the day all they do is the spade work, get permissions etc, then they have to sell it on. Its ok pottering around Wales picking up cheap land with possible potential for future development but then you have to sell it on where there isnt the demand in the market and given the current situation regarding securing funding then that could present a problem. Sounds good on paper but the reality is something else. The decline in the oil industry caused problems for them in Aberdeen so they made a loss on their investment there and uncertain times ahead mean possibly that lenders will be a lot more circumspect regarding dishing out the dosh so to speak. Interesting times ahead. I remain positive for the UK. If EU funding dries up then it will be back to Westminster to fund Wales and I cant see them being too happy to pour money into questionable developments. We all are only too aware of the need to create employment in areas that desperately need it but I think that some harder choices are going to have to be made and viability of the success of the projects more closely scrutinised in order to secure funding. |
Hmm a series of either poor investments or bad luck seems to have made this fund very unattractive and the under performance dare I say looks set to continue.
Is that a fair assessment or am I missing something? |
CL, sorry to hear about Dafydd Jones, this may spell the end of the Fishguard Marina project?Re: the Churnworks from Swan Square. Heading for Solva is bad enough, just getting access to the junction, but if heading for points east you cannot to a U-turn at the lights any more, so a sneaky way is to nip though the Wilkinsons carpark and onto the Morrisons roundabout that way. Holloway is one way (downhill) so you cannot get out that way either. Madness. |
some breaking news..Dafydd Jones of Contgar Stena line ltd the man behind the Holyhead and Fishguard Marina has died suddenly. His sons apparently have no plans to continue his plans. |
Did I mention the village green application at Newry in Holyhead is going to Public Enquiry. |
Sorry got side tracked...where are u heading...can u not double back through town? but I know they have changed the one way systems etc...can u not get up past the Mariner Hotel and up by the Church..there you can get access t St Thomas Green roundabout and down past the College ...anyway..sun is shining here today...good luck.. |
Yes, what a mess!. Incidentally I see they have posted 2.1 mill pre tax loss blamed on the Aberdeen de-valuation due to oil slump...lol....There is now an application to NRW Licencing team to dredge. That will be interesting. I think they are likely once they get planning consents etc to sell the whole thing off and cut n run. We will see...happy days...at least the sun is shining..and my central heating nightmare continues...I wish I had never started..how these things just seem to grow and grow...Oh also nothing to do with CIC but Sainsburys has pulled out of Narberth and left them all there with egg on their faces...woops... |
As you say, highly dependent on the outcome of the Referendum. The outcome should have a binary effect on the SP, much further down on a Brexit, perhaps a relief rally on Bremain. However CIC does not have much of a following in the markets, so this may all get lost in the ensuing 'noise' post-vote.CL - Have you experienced the traffic jam caused by the stupid junction remodelling at the HW Churnworks? All down to CIC's moribund development on Thomas Parry Way. Trying to get out of my HW office in Swan Square is a bloody nightmare! |
Reading through old comments v interesting, whats the opinion for conygar outlook now in early May 16 |
hxxp://www.dailypost.co.uk/business/business-news/100m-holyhead-marina-face-public-11208807
Holyhead Marina to face public enquiry. I see the shares had a blip at 127 yesterday. |
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