Conygar Investment Share Discussion Threads

[crooked lawyer] 28/5/2015 12:35

regarding access to the Town this is also a planning screw up. Years ago in N wales I worked with the consulting engineers on what was known as col/con. The dualling of the A55. The planners changed the access to the beach in Colwyn Bay from directly down the main street to half a mile away. It killed Colwyn Bay dead. The Town Centre declined and the whole place is now filled with re located people from the Midlands. Llandudno survived because its tightly controlled and owned by the Mosytn Estates. Everything is Leasehold. I was in legal practice there. On a personal note its all very sad to see Haverfordwest decline.

[crooked lawyer] 28/5/2015 10:40

Thank you Shavian, we sing from the same Hymn Sheet. There isnt the demand in the local economy for this development and a very good valid point re the married quarters at Brawdy which will be scooped up pretty quickly as they are well built properties.MOD. Just one thing to point out , lol , its also known as the Kremlin on the Cleddau which I think more accurately fits the description and activities of PCC. However, thanks for the comment - I have had and made many more in the past about this development and NO I am not on a conservation group. I have property in both areas, N and S Wales, the Marina will impact my property in Fishguard and in N Wales - not Holyhead. Hence the interest in this company which I still cannot make sense of...because nothing is coming to fruition its just pie in the sky. Holyhead is stuck at the moment because of the Village Green Application. Fishguard may be dead in the water as the rig has found (maybe ? rumour ) its not feasible due to the depth of the sand and silt? all to be confirmed. Stena are going for EU money via the WG for re dev of the port for cruise ships. Irish Ferries are in P.Dock for another 8 years..All roads lead to Pembroke Dock. Haverforwest, sadly is in a desperate state. We will see.

[shavian] 28/5/2015 07:21

Those commuting into the mighty city of Haverfordwest from the St Davids direction are finding the infrastructure works a pain in the bum. It is difficult to see where the demand is going to come from for this development. H'west has been dying on its feet for years, ever since the (allegedly)corrupt Pembs CC chose to build their mangificent HQ (aka 'Taliban Towers') on the only prime site which could have saved the town from out-of-town shopping blight. There is simply not enough demand in the local economy for the number of houses propsed for the ex-Sainsbury site, and this will be exacerbated by 200+ surplus MoD married quarters in the town coming on to the market when the Army leaves Brawdy. In the meantime the works are considerably disrupting traffic flows on the St David's road just as the summer holiday season is building up, and a crazy junction remodelling has cut off access to an important access to what is left of the town's internal shopping and business area. Barking.

[crooked lawyer] 22/5/2015 18:15

What I want to know is what is new in their portfolio. All they have on their News page is Holyhead, Fishguard, Pembroke Dock, Haverfordwest. They are trying to get the planning through the the old Brick works at Llandudno Junction and some other bits in N Wales but what else?. There doesnt seem to have been anything concrete that has actually come to fruition for a long time. It seems to be promises promises.

[crooked lawyer] 22/5/2015 18:11

For immediate release

20 May 2015

THE CONYGAR INVESTMENT COMPANY PLC

BOARD DIRECTOR CHANGE

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment and development group, announces that, Steven Vaughan, the Company's Property Director, will step down from the Board on 29 May 2015 to pursue his own interests.

[sleepy] 22/5/2015 10:24

I believe development land and property are taken at cost in the calculated NAV. The expected future NAV should be above current NAV (and needs to be for the Directors to get their bonuses?)

[crooked lawyer] 22/5/2015 09:41

ongoing share repurchases - yes this has perplexed me too, which is why I continue to monitor this company out of interest ...

[skyship] 22/5/2015 09:13

Likewise - into CIC via TAP - a truly absurdly low Offer which succeeded.

Agreed re buybacks - seems an absurd way to spend shareholders money when the discount is now so slim.

No longer in here; but have dipped in and out on many occasions, so will continue to monitor...

[spectoacc] 22/5/2015 08:06

I too came to CIC via TAP, & was mighty unimpressed at the time as a TAP s/holder. CIC finally came good but were languishing below a quid for a long time.

One thing I've been slightly surprised about is the ongoing share repurchases - they made a lot of sense at 90p, not so convinced they do now. We're surely nearer the top of the property cycle than the bottom.

[crooked lawyer] 21/5/2015 10:03

Id forgotten the TAP Shares "incident". doesnt time fly.

[sleepy] 20/5/2015 22:13

Yes they swooped on your tap shares but they offered a pretty good deal

[lochgarman] 20/5/2015 18:27

crooked...i dont think they got landed with the sainsburys bill (footpaths?) as they got seem to have pocked 10 million from the sainsburys deal??

i was always wary of robert ware and co after they swooped on my tap shares.

i know goodwick and fishguard well. It get rough seas there allright!!

[crooked lawyer] 20/5/2015 09:56

Just being curious and as u say trying to read between the lines.. thanks for the comments and nautical terms for sailing enthusiasts!! :-)

[grahamburn] 20/5/2015 09:49

There doesn't seem to be much to worry about re CIC's development projects, even though I did try to read between the lines. The loss of the simple straightforward one-off Sainsbury's development at Haverfordwest is a setback rather than a deal breaker and the rest of the project is on track.

Elsewhere, all other aspects of the business are steady as she goes - to use a nautical terms for any sailing enthusiasts!

[crooked lawyer] 20/5/2015 08:54

No lol just a matter of personal interest to me. I manage my families funds and business through HL.

[jlo10] 19/5/2015 19:31

You sound like you are part of a conservation group - if so, not a bad thing to be I guess.
The Sainsbury's issue is old news now.

[crooked lawyer] 19/5/2015 17:25

Indeed,Indeed - but the Sainsburys deal in Haverfordwest is def off which is no surprise... as for the rest we will have to wait n see. Thank you for your comment :-)

[grahamburn] 19/5/2015 16:52

Interims were on 21 May last year - so hopefully your "gossip"(??) will shortly either be confirmed as fact, or there will be alternative hard information and/or interpretation for shareholders to consider.

[crooked lawyer] 19/5/2015 16:29

No they havent struck gold just a lot of sand and silt. The rig is part of the exploration for the foundations for their pie in the sky marina project which will never work as no one wants it and its in the wrong place. My boaty friends dont want to move from Neyland and Milford as sailing in the Fishguard area is a non starter really as only suitable to sailors with a lota experience....lol...Sainsburys has pulled out of Haverfordwest so Conygar have been landed with the 7 million road infrastructure build bill - ouch!! and they have had to pay back Sainsburys...not good news. This is why they might be selling off some of the property to cover costs!! So this is the word on the ground so to speak that the Marina is a no go in Goodwick because they have stuck sand and silt at too greater depth and no bedrock to build the hotels and dev platform. Stena Ports will do their own thing and have plans in at the moment which do not include Conygar.. The rig was booked for 3 months but has only been drilling for 20 days max...??????? Sure all will be revealed. Dont like these greedy guys anyway...as a shareholder its been ok but I keep wondering when the whole stack of cards will come down...maybe maybe not...

[ursus] 06/5/2015 09:10

Crikey - does this mean Conygar has struck oil? Or just hot air?

[skyship] 06/5/2015 07:25

Thnx lochgarman & Wikipedia: "Goodwick is a coastal town in Pembrokeshire, south-west Wales, immediately west of its twin town of Fishguard"

[lochgarman] 05/5/2015 19:46

i saw a jack up rig in goodwick harbour yesterday. They are drilling 24/7.

The rig is right alongside the stena ferry terminal.

[sleepy] 06/2/2015 14:37

kramch - my thanks too

[spectoacc] 06/2/2015 07:56

Thanks @kramch.

[kramch] 05/2/2015 15:16

There is a bit more info posted on the Sharesoc AGM site, but briefly;
A good set of results; NAV up 13% at 197p, profit from development £12M, rents £10M + £14M revaluations. The commercial property market outside London has improved, and they have disposed of £26M of assets.
There is £71m cash,and debt of £56m.

At Haverford West planning has been obtained and a sale of part of the site to Sainsbury for £14M, At Anglesey they have a JV to develop a truck park and at Holyhead they are progressing their plans for a marina with retail and residential units. Negotiations are ongoing for a development at at Pembroke Dock. Construction should start on several sites in next 12 months.
They are currently marketing a £70M part of their portfolio, saying they are experiencing good demand for commercial investment property.

All the resolutions were passed although I think I heard 7M votes against the remuneration report (35M for).
£7.7M is being distributed as directors profit share, reflecting the added value over the last 3 years.
K.