Poor results. High Pay. No dividend. Vote down the "Profit Share Plan". Profits would be nice, but they have sold all but their slow development pipeline so this is now fairly heavily loss making. No doubt we will get a return eventually, but management have and continue to believe that this company is a "lifestyle fund", without adequately rewarding shareholders. |
The government's impending announcement about committing its own funding to the Hitachi project in Anglesey must be good for Conygar..... They own two sites which are likely to be used for the Wylfa construction. |
Interim results in the next few days
(May 25, Thursday last year) |
 Website -
154p, Mcap £106.4m, Nos 69.1m
RGL thread -
Conygar holds 26.2m shares in Regional Reit (RGL:100p), a property company that owns a £737m portfolio of UK commercial property, predominantly office and industrial units in regional centres outside the M25 motorway. The stake is worth £26.3m and accounts for a fifth of Conygar’s last reported NAV of £136m.
After accounting for deal flow and share buybacks, I reckon cash on the balance sheet and the shareholding in Regional Reit account for two-thirds of Conygar’s market value of £96m, implying other assets worth £73m are in the price for just £33m. Furthermore, Conygar receives annual dividend income of almost £2m on the Regional Reit stake, thus covering 75 per cent of its own administration costs.
The directors have sensibly taken advantage of the deep share price discount by using some of the debt-free company’s £37m cash pile, a sum worth 57p a share, to make NAV accretive share purchases of 2.5m shares at prices between 150p and 163p since last autumn, representing 3.7 per cent of the issued share capital. Fund manager Miton (MGR:54.5p) clearly sees value in the shares, too, having just upped its stake from 14.3 to 15.1 per cent.
Simon Thompson IC, 14 May 2018
1 Year
The Conygar Investment Company PLC (“Conygar”) is an AIM quoted property investment and development group dealing primarily in UK property. The group aims to invest in property assets where we can add significant value using our property management, development and transaction structuring skills. |
and
" The directors have sensibly taken advantage of the deep share price discount by using some of the debt-free company’s £37m cash pile, a sum worth 57p a share, to make NAV accretive share purchases of 2.5m shares at prices between 150p and 163p since last autumn, representing 3.7 per cent of the issued share capital. Fund manager Miton (MGR:54.5p) clearly sees value in the shares, too, having just upped its stake from 14.3 to 15.1 per cent. " |
" I reckon cash on the balance sheet and the shareholding in Regional Reit account for two-thirds of Conygar’s market value of £96m, implying other assets worth £73m are in the price for just £33m. "
Simon Thompson today
implying 37% upside to NAV |
Just because you have worked for z successful company doesnt mean you can run one. They should have stuck to what they knew. They thought they could print money. |
Conygar now have a development bias. They have spent too much for too long getting nowhere on their schemes. Not impressed. |
Any idea what is going to happen at the Port at Goodwick.???what are Stenas plans? |
Interesting about Freddie and Chris joining...I dont know whether to laugh or cry and Preston leaving...well maybe he is getting out while the going is good. If relationship between Conygar and Stena are now somewhat awkward as they must be...then what will happen to Holyhead Marina Development. Stena have just put in a HRO to the MMO for massive re development at Holyhead Port.... |
...and Preston Rabl giving up on his old chum also not a good sign! |
Nepotism appointment? |
marina abandoned |
 Conygar has today pulled out of its Marina Development at Fishguard.
Full statement is available to view
FISHGUARD WATERFRONT DEVELOPMENT
RNS Number : 9296C
Conygar Investment Company PLC(The)
25 January 2018
For immediate release
25 January 2018
THE CONYGAR INVESTMENT COMPANY PLC
FISHGUARD WATERFRONT DEVELOPMENT
The Conygar Investment Company PLC ("Conygar") announces that it is unable to progress its proposals for a mixed-use marina development at Fishguard, West Wales.
Outline planning permission for the development was granted in April 2012, subject to the signing of a S106 Agreement by both Conygar and Stena Line Ports Limited ("Stena"), the Fishguard harbour operator. The planning consent gave Conygar permission to construct 253 residential apartments, a publicly-accessible promenade, a public slipway and a visitor centre and Stena to build a substantial platform that would facilitate the potential expansion of the existing port.
Conygar has been informed by Stena that they do not wish to have any further involvement in the proposed marina development and do not wish to proceed with the reclamation works of the harbour. Stena state that they are concerned that the marina development will interfere with the operation of the harbour and their ferry operations. They will also not support the promotion of the Harbour Revision Order, which is necessary to progress the development.
Stena's withdrawal means that the project cannot proceed.
Conygar will therefore write off £2m of incurred costs in the results for the six months ending 31 March 2018. This write off equates to 3 pence per share.
Robert Ware, Chief Executive of Conygar, commented:
"We are disappointed that after nearly seven years of working in partnership with Stena, they have decided to withdraw their support for the Fishguard Waterfront Development, making it impossible for us to proceed with the plans.
We firmly believe that the development would have been of significant benefit to the local community and to businesses in and around Fishguard and Goodwick."
Enquiries:
The Conygar Investment Company PLC
Robert Ware / Ross McCaskill: 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Bootle / Henry Freeman: 020 3100 2222 |
Results out today. Not impressed. Poor returns for anyone other than the directors who continue to do very nicely. We should get £2 back eventually I guess, but pedestrian pace really. |
The final results should be out next week so hopefully much more information given out then |
Well the Disposal at Ashby...anyone anythoughts? Good or Bad news? |
btw..a recent foi to pcc has confirmed no negotiation regarding the land CIC need are being considered by pcc or the crown estates for the Marina. So any PR plans ie those in the Ocean Lab in Goodwick are worthless. |
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