Conygar Investment Share Discussion Threads

[crooked lawyer] 25/2/2017 15:38

Good Lord no...have u not been watching Suits...lol.

I am just crooked

[shavian] 24/2/2017 14:39

FWIW revised plans for Fishguard Marina were submitted jointly by Conygar and Stena in January, which has been well received locally. Perhaps this exercise in clearing the decks will enable the project to proceed. In the meantime they have abandoned the parallel plan for the marina at Pembroke Dock.Http://www.westerntelegraph.co.uk/news/14217427.Revised_plans_submitted_for_Fishguard_marina/

[void concept] 24/2/2017 07:45

Looking positive: credible management team (reflected in NAV discount) portfolio fit, great liquidity. Let's see how the deal details turn out...Sky?

[void concept] 24/2/2017 06:42

Lots to be grateful for with this deal. Credible management team (reflected in the premium on their NAV) Plus greater liquidity. Great portfolio fit. Terms look reasonable. Let's see where the deal detail ends up but hopeful. Sky??

[greg the grinch] 23/2/2017 16:55

Great news! The big money is in their development plans... finaly they have got their priorities right and with no debt can start developing.

[strathroyal] 23/2/2017 12:25

Deal with RGL looks very good albeit there is actually a slight loss on disposal as RGL shares trade 3% or so below NAV but that seems very acceptable as the deal effectively gives Conygar a fresh start. Certainly the market seems to like it.

[ursus] 23/2/2017 10:35

Completely wrong again, crooked. There is a fundamental difference between requirements to report market sensitive info through the RNS route, which is a condition of listing, and the Companies Act requirement to register with Co Hse the purchases of own shares.
Are you really a lawyer? It's you who's lax, not Conygar.

[crooked lawyer] 22/2/2017 18:04

I stand corrected. Why back date it and put it up now...where it been since then. Along with all the the RNS 's they have not put up on Company House Website...seems a bit lax to me.

[ursus] 21/2/2017 13:34

The explanation is not difficult to find if you bother to read the document filed at Co Hse on 8 Feb. The repurchases took place in Oct and Nov 2016. And if you bother yourself even more, and look at RNS's published then, you will see that all those repurchases were promptly notified to the market. Is yr post an indication of the care with which you comment generally on Conygar?

[crooked lawyer] 21/2/2017 13:16

I see another repurchase of shares...but this only appears so it would seem ...may be wrong on company house beta website...seems to have been missed off the recent activity...I see there are great gaps on company house website too...perhaps they are trying to comply with statutory RNS by hiding it...lol.

[crooked lawyer] 28/12/2016 15:45

Maybe the new Nottingham investment represents the money they are no longer going to spend in Wales.

[crooked lawyer] 20/12/2016 10:53

which good aquisition lol. but yes u sum it all up well. Seasons Greetings.

[topvest] 19/12/2016 18:56

Overall, Conygar have not really added much shareholder value. One good acquisition in 10 years, a couple of misguided development projects and excessive director remuneration about sums it up!

[crooked lawyer] 19/12/2016 09:55

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.

[crooked lawyer] 19/12/2016 09:54

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.

[topvest] 18/12/2016 17:17

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.

[crooked lawyer] 18/12/2016 13:49

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

[crooked lawyer] 17/12/2016 16:13

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.

[topvest] 16/12/2016 20:40

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.

[crooked lawyer] 16/12/2016 15:08

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.

[topvest] 16/12/2016 07:50

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.

[crooked lawyer] 28/9/2016 13:32

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....

[crooked lawyer] 28/9/2016 13:29

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"?

[crooked lawyer] 06/9/2016 22:02

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.

[jagworth] 22/8/2016 15:06

crooked lawyer

Big write-up in this week’s Investors Chronicle (2 pages from Simon Thompson).
(I don’t hold CIC)