Conygar Investment Share Discussion Threads

[gary1966] 21/1/2013 16:15

I wonder if the MM will play games again and drag the closing price to below a £. If not then I would say that with that psychological barrier broken and with these still trading at a significant discount to NAV, that these are probably on their way.

[skyship] 21/1/2013 15:24

....and why not? A good turn and a rapid turn. I sold a few, but running the majority.

[tiltonboy] 21/1/2013 15:07

Probably a bit premature, but I've taken a quick trading profit here. Will look to get back in if they get into the low 90's.

[deepvalueinvestor] 18/1/2013 19:25

Clearly an institution buying as they initially put 25k on the bid at 100p and then dropped it to 5k (iceberg order) to not scare anyone. He tried again with 20k at the close but nobody was interested. The price action is promising so I am not tempted to take any trading profits just yet.

[gary1966] 18/1/2013 18:08

Open up the spread at the end of the day to keep the closing price below £1.

[jaws6] 18/1/2013 15:45

CIC on run 99?

[lochgarman] 17/1/2013 22:37

kramch...thanks for the update/information.

[jaws6] 16/1/2013 11:59

kramch
Agree ,nice to meet you there.

[skyship] 16/1/2013 10:18

jaws - "at present divi policy unchanged but might change was answer."

kramch - "They don't intend to increase dividends, not an income company"

So, no confusion there then!

Can anyone clarify the position regarding the prospects for an increased dividend?

[kramch] 16/1/2013 09:51

Never a dull AGM at Conygar. This year there was no lynch mob (and the bonus mechanism has been changed to a somewhat fairer basis).

Robert Ware tells it as it is, rents are still falling, and as banks sort out their balance sheets they will become more aggressive at foreclosing, there are plenty of companies out there that don't have a future they just don't know it yet!

They continue to focus outside London, London yields may go 2.5 > 2.25%, so what, where's the cash. CIC are looking for portfolios yielding over 10%, they saw about 30 last year, but nothing attractive enough, assume voids will stay void was one comment.

They have a lot of tiny investments, but some of these throw off a lot of cash, so there is no plan for a general tidy-up.
They don't intend to increase dividends, not an income company, and have no stated plans to return cash (except by opportunistic share buy-backs), there will be some good opportunities to deploy cash out there.

Planning applications in North and South Wales seem to be progressing satisfactorily and these could be the big events in H2.

But with CIC you never know what they will pull out of the hat (except of course biennial bonuses).

K.

[jaws6] 16/1/2013 09:24

ok 2 p more then
I think they will be rerated once they get planning permisson what they hoping for.

[skyship] 16/1/2013 09:13

jaws - thnx.

Actually NAV is now 168p if you adjust for the post year end buyback(s).

[jaws6] 16/1/2013 08:39

I did ask them and on tender offer ,answer was no .But after talking to few PI it is better if they do not do tender offer or they will get price higher on one day to get fat bonus for them so better is share buy backs.
I will ask him on that broker,
But does look ok for planning application and home applications permisson as said on page 5.
NAV now 166 page 1 .
will rise more when they get sainsbury planning approval

[skyship] 16/1/2013 08:16

jaws - thnx for that; but most important aspect was mention of a Tender Offer.

Any detail or likelihood of one actually taking place?

Also I see Oriel has been replaced by Liberum as our Broker.

Was there any comment/reasoning on that one?

[deepvalueinvestor] 15/1/2013 21:48

thanks jaws, I was wondering how today went.

[jaws6] 15/1/2013 21:44

In meeting David did ask them about divi,buy back and on nav.
at present divi policy unchaged but might change was answer.

Share buy back will keep price in check was answer then tender offer.
Sainsbury application is taking time but hopefull on outcome.They targeting more homes but not shouting too much to avoid delay in planning process for project.
They did answer most question ok.
Fd was happy to give all answer in detail . David and two others asked some questions.
NAV will go more when we get planning approval.
There was room full of people.

[skyship] 14/1/2013 17:31

Certainly can - and good luck to all of you going. Wish I could have been there with you...

[void concept] 14/1/2013 16:25

Can any shareholder just turn up??

[jaws6] 14/1/2013 15:36

who else going to AGM tomorrow ?

[void concept] 14/1/2013 15:04

Sky,

Wow. 97 bid...brilliant. Managed to get in @ 88p on the December dip. Thanks for a great thread: Meticulously researched and delivered with complete integrity.

[alanji] 14/1/2013 07:44

Wind up, Skyship? I have heard of optimism but........ Mind you with all these juicy share options?

[skyship] 13/1/2013 16:39

Davisosh - I was unable to find an email address for our Chairman - N.J. Hamway.

What I was going to communicate was essentially the measures for restoring shareholder value as discussed in last week's posts above. However I was also going to add the extremely effective nuclear option of a Continuation Vote Date, or better still, a future wind-up date.

Such measures would certainly concentrate minds on the very wide NAV discount; and would ensure the discount closes over time.

Possibly worth sounding them out on that option on Tuesday...

(Fingers xxed that snow doesn't scupper peoples' travel plans!)

[deepvalueinvestor] 11/1/2013 18:24

Nice price action. I bought more at 92.5p. Looking good now.

[badtime] 11/1/2013 13:01

Certainly seems to b making a move