Conygar Investment Share Discussion Threads

[hugepants] 21/8/2020 16:25

Directors purchase 95K shares.

[hugepants] 06/8/2020 10:59

Summary Group Net Assets as at 31 March 2020 (pence per share)

Investment Properties 30.6
Trading and Development Properties 78.3
Cash 67.3
Other Net Assets 1.6
Net Assets 177.8


On the face of it another one in a relatively strong position. Possibly more by luck than judgement.

[nickrl] 31/3/2020 20:36

They had 40m in cash in Sept 19 with no debt so your almost getting the property for nothing at current price but whether they will get the Boots site off the ground anytime soon now is the punt.

[davidosh] 07/2/2020 15:19

The long-waited £650m project to redevelop the Boots Island site in Nottingham will be marketed to investors at an international property conference.

More than 85 private and public sector organisations from across the Midlands will showcase billions of pounds’ worth of investment opportunities, as part of the Midlands UK delegation at MIPIM 2020 in Cannes, France, next month.

And the Boots Island site – planned to include a hotel, 907 new homes, 666 student flats and office space – will be on the agenda.

[topvest] 14/1/2020 10:27

I've reluctantly sold out. I've been unhappy about how this company has been run for at least 5 years. It's really a lifestyle company for the greedy directors. Returns are modest, yet directors' emoluments excessive for the part-time work they put in. They have squandered too much on unsuccessful development works in secondary locations, none of which covers the day to day living funds! Investing in this company is effectively dead money until the company gets wound-up so sold at a discount. Fortunately, I sold for c50% above what I paid for them. Over 10 years though that is a very poor return. Time to get out before the share price dives again!

[this_is_me] 01/10/2019 08:29

The previous share buyback programme at 172p is looking stupid.

Why is it that companies so often buy back shares at around the top of the market and raise money by issuing shares when the price is low? This seems to happen even in well run companies. I always try to do the opposite.

A share buyback often means that the share price is going to go down.

[solarno lopez] 02/9/2019 14:41

the directors wont think so with their lifestyle company that we pay for

[chrisdgb] 02/9/2019 14:39

awful......

[solarno lopez] 02/9/2019 14:06

But the directors have done well, in fact very well

[topvest] 30/8/2019 18:25

Yes, this company has made some poor choices over the last 5 years or so. The fascination with developments in Wales was always an odd choice and delivered very little. Why pick such tertiary locations unless it was a vanity project for one of the directors?

[hugepants] 30/8/2019 15:56

Yes a lack of honesty in the results. They just brush off the huge writedown. They also bought back 3.24 million shares (5.4% of ordinary share capital) at an average price of 172 pence per share.
Didn't they also dispose of their RGL shares at a big discount?

[horndean eagle] 14/5/2019 10:40

Shocking writedown today. These clowns needs stringing up given the huge bonuses and salaries they have raped out of the company. Performance has been dire. Not sure what can change anything though

[rjmahan] 09/12/2018 21:46

Question:
Do you guys expect a valuation uplift when the Boots Island site gets planning ? If so how much ?

When they got Haverford West outline permission the uplift wasnt much - couple of million - but its still a very low valuation per plot on the books.

Any views / suggestions where to look on this ?

Cheers,
Rob

[topvest] 27/11/2018 08:38

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.

[ursus] 06/6/2018 10:58

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.

[spob] 21/5/2018 12:25

Interim results in the next few days

(May 25, Thursday last year)

[spob] 15/5/2018 10:19

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.

[spob] 14/5/2018 12:52

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. "

[spob] 14/5/2018 12:33

" 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

[crooked lawyer] 02/2/2018 11:58

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.