Conygar Investment Share Discussion Threads

[gary1966] 04/4/2013 14:38

Update on fingers thread for all you TA disciples.

[void concept] 16/3/2013 21:01

Does anyone know when the board need to hit 120p so as to qualify for the bonus?

[skyship] 08/3/2013 18:16

RNS reveals it was Fidelity topping-up their holding to 5.6%

Surprisingly however still no RNS re that 2.9m (3.3%) trade on 26th Feb...

[skyship] 07/3/2013 14:25

A 750k trade @ 109p - that's 0.85%

[deepvalueinvestor] 28/2/2013 19:31

Moving toward my target of 110p but the way things are going, I will probably keep holding as many other shares in the market look expensive now.

[skyship] 28/2/2013 14:29

107p-109p - Nice move...

[gary1966] 28/2/2013 11:16

I buy 5K of shares and within 27 seconds there are 4 AT trades and the price is up nearly 2%. I don't think there is much stock around.

[void concept] 27/2/2013 15:51

It all helps....

[skyship] 27/2/2013 10:54

Hmm - surprised no buyback RNS this morning. Perhaps a third party topping-up after all...

[skyship] 26/2/2013 11:28

Great - a sizeable buyback for sure.

Adding in those other two recently, that makes 3.583m bought in @ 102.74p

My back of envelope calculation shows that we had already risen from 166p to 168p on the last buyback. These 3 now take us up to an NAV of 170.5p...or thereabouts; without any portfolio revaluations - up or down!

[gary1966] 26/2/2013 10:42

Interesting 2.9m trade. I wonder if the co has bought a block back or whether that has been a worked sell and is what has been holding us around these levels for a while.

[davidosh] 22/2/2013 11:49

I think the argument should be surrounding valuations which tend to be without solid foundation in illiquid markets where very little is changing hands.

It makes little sense to buy in property at say 25% discount to supposed valuations if the ones we already have are being valued by the market at 40% discount. I do not think on that basis we should buy anything unless it is below the NAV that our own assets are showing as far better to buy in our own stock and cancel the shares until the NAV discount reduces.

Either way it is not a good business model until they see the market for the assets improve or they get some of the development assets working to their advantage and sold to bring in solid profits. A rerating may happen then.

[kramch] 22/2/2013 11:39

VC, this happened when they bought TAP, they gained a portfolio at a big discount and then reflected the assets at market value, making a sizable book profit and pocketing a sizable bonus. The ex-TAP shareholders were not happy.

The other view of your statement above is that if they trade at a discount to asset value themselves, they destroy value every time they buy a property, as 100p's worth of property becomes worth say 60p to the shareholder.

So in theory they are better buying in their shares until they disappear up their own backside.

K.

[void concept] 22/2/2013 10:31

Sky. Understood. Valuation by 3rd party (RICS Red book etc) My point is that if they buy below these values is it then not an easy gain to then value at the higher value for an easy NAV gain?

[skyship] 21/2/2013 17:20

Cynic - quite right - but what you should know is that it is not the Company that values its properties.

[void concept] 21/2/2013 17:09

It strikes me that if they buy properties or prop co's at below valuations (there's plenty of secondary rubbish out there - just look at their existing holdings!!) then, revalue against valuation, they get an immediate lift on NAV. Any thoughts?

[skyship] 21/2/2013 17:07

Very pleased to see this Director top-up at the full offer price:

21 February 2013 - DIRECTOR DEALING

The Conygar Investment Company PLC (the "Company") advises that it received notification on 21 February 2013 that on that date Preston Rabl, Executive Director, bought 40,000 ordinary 5 pence shares in the Company ("shares") at a price of 105 pence per share. Following this transfer Mr Rabl's notifiable holding in the Company will be 891,190 shares representing 0.99% of the Company's total voting right

[smarm] 20/2/2013 22:42

Yes, thanks.

So to get a bonus the NAV has to be 184 and the price 120. Got it!

A man and his bonus....who would bet against it.

We wait.

S

[sleepy] 20/2/2013 22:02

Smarm - does this work? -

[smarm] 20/2/2013 19:47

skyship - I think I must have been looking at an old statement...I saw a lower number.

Sleepy - the link to the Annual report is curiously missing:



S

[sleepy] 20/2/2013 16:05

From 2012 Annual Report (p18) they need to get NAV to 184.8 by end September 2013 to qualify for bonus. To meet minimum discount of 35% presumably share price must exceed 120p?

[horndean eagle] 20/2/2013 15:17

Also a 10% hurdle to factor in

[skyship] 20/2/2013 14:48

Sue - 65% of 166p is 108p; and buybacks already stated for 4m, of which they've achieved just 650k so far...

[smarm] 20/2/2013 13:50

BOD only get a bonus if price is at least 65% of NAV. As far as I can see that condition has been met...so where, please, is the incentive for more buy backs?

Am I looking at the wrong figures?

S

[void concept] 18/2/2013 10:43

It will be interesting to see if they buy in the Market...