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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Conygar Investment Company Plc (the) | LSE:CIC | London | Ordinary Share | GB0033698720 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 78.50 | 75.00 | 82.00 | 78.50 | 78.50 | 78.50 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 14.05M | -29.53M | -0.4952 | -1.59 | 46.82M |
From Apr 2019 to Apr 2024
TIDMCIC
RNS Number : 7943O
Conygar Investment Company PLC(The)
22 May 2018
22 May 2018
The Conygar Investment Company PLC
Interim Results for the six months ended 31 March 2018
Highlights
-- Net asset value per share 198p at 31 March 2018 decreased from 203p at 30 September 2017.
-- Disposed of M&S Food Hall at Ashby-de-la-Zouch for GBP4.4 million and subject to planning, agreed a lease with B&M Retail and a forward sale.
-- Planning permission granted and construction started for an 80 bed Premier Inn at Parc Cybi, Anglesey.
-- Purchase of industrial property in Selly Oak, Birmingham for GBP3.5 million in April 2018.
-- Bought back 2.27 million shares (3.4% of ordinary share capital) at an average price of 154.3 pence per share.
-- Total cash available of GBP35.7 million and no debt.
Summary Group Net Assets as at 31 March 2018
Hot Features
Premium
Per Share
GBP'm p
Properties 66.4 102.8
Investment in Regional REIT Limited 25.1 38.8
Cash 35.7 55.3
Other Net Assets 0.9 1.4
------ ----------
Net assets 128.1 198.3
====== ==========
Robert Ware, Chief Executive of The Conygar Investment Company, commented:
"The development pipeline, which is held at cost, presents considerable potential for growth in net asset value per share in the coming years and the team will continue to work hard to deliver these projects.
Our balance sheet remains strong, with cash reserves and no debt, and we are therefore well placed to maximise the value of the projects and investments we hold and to acquire further assets when it makes sense to do so."
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Ross McCaskill: 020 7258 8670
Liberum Capital (Nominated Adviser)
Richard Bootle: 020 3100 2222
Henry Freeman: 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425 580
The Conygar Investment Company PLC
Interim Results
for the six months ended 31 March 2018
Chairman's and Chief Executive's Statement
Progress and Results Summary
The net asset value per share for the six months ended 31 March 2018 decreased to 198.3p from 203.0p at 30 September 2017 (201.0p at 31 March 2017).
The loss before taxation of GBP4.3 million compares with a profit of GBP0.6 million for the six months ended 31 March 2017. The reasons for the loss in the period are as follows: firstly, there was a paper loss of GBP1.6 million relating to the Regional REIT shares we hold. The share price was 98.9 pence per share as at 31 March 2018 and this gave rise to the decrease in value to GBP25.1 million. The share price has since recovered to 99.9 pence per share as at the close of business on 21 May 2018. The shares continue to provide the Group with an important income stream which amounted to GBP1.1 million in the six month period ended 31 March 2018.
Secondly, we have written down the values of two of our development projects, the most significant of which is the Fishguard Waterfront development. We announced in January 2018 that we could no longer progress our plans for this mixed-use marina development as Stena Line Ports informed us that the proposed development would interfere with their harbour and ferry operations. Accordingly, the project cannot go ahead and we have written off a total of GBP2.4 million.
We have also written off the value of our GBP0.8 million investment in the Llandudno Junction Project. We have been working in partnership with Conwy County Council as its preferred development partner to bring forward a 90,000 square foot retail park. The outlook for retailers is difficult and we believe that we will be unable to deliver the retail park as planned. However, we hope to devise alternative schemes for the site.
In November 2017, we sold the recently constructed M&S Food Hall at Ashby-de-la-Zouch for GBP4.4 million, realising a profit of GBP0.5 million. On the remaining two acres, we have exchanged a lease agreement with B&M Retail Ltd to construct a 20,000 square foot store with an additional 7,500 square foot garden centre. This agreement is conditional on planning approval, which we hope to receive in the coming weeks. We have also agreed terms to sell this asset once the construction has completed.
Also in November 2017, detailed planning permission was granted for an 80-bedroom Premier Inn Hotel at Parc Cybi, Anglesey, on the outskirts of Holyhead. Construction of this hotel began in April 2018 and is expected to complete in early 2019.
After the period end, in April 2018, the Group acquired an industrial property in Selly Oak, Birmingham for GBP3.5 million, generating income of GBP215,000 per annum. The property is located in a predominantly residential area and has strong short to medium term redevelopment prospects and we intend to maximise the value of the site in the near future.
On the financing side, the Group used GBP3.5 million surplus cash to buy back 3.4% of its shares at an average price of GBP1.54 per share and this has enhanced net asset value per share by 2 pence.
Development Projects
We continue to make good progress on the majority of our development projects since we last reported.
Work on the planning application for our 37 acre site in Nottingham City Centre is progressing well and we expect to submit the planning application at the end of June 2018. The application will consist of a mixed-use scheme of over two million square feet which will include apartments, student housing, offices, leisure uses and associated community retail offering along with open public spaces.
We have agreed, subject to contract, with our partner, Stena Line Ports Limited ("Stena"), in the development at Holyhead Waterfront to take full control of the joint venture. Both parties are working hard to finalise the legal documentation for this agreement and a further announcement will be made once this has completed. The transaction will enable us to progress with the scheme as planned and we will continue work to obtain detailed planning permission in the coming months. As part of the transaction, the joint venture company will grant 999 year leases to Stena of the platform at Soldier's Quay, which is not required for the waterfront development, and a warehouse which is situated at Soldier's Point and currently used by Stena. We have a right to call for a sublease if this warehouse is required for the waterfront development in the future. Stena will also repay GBP2.5 million to Conygar, which is its 50% share of a loan Conygar made to the joint venture company, and Stena will receive 20% of the profits of the development once it has completed.
The option agreement we signed with Horizon Nuclear Power in December 2016, enabling them to construct a logistics centre on our 6.9 acre site at Parc Cybi, is still in place. Similarly, the second option agreement, which covers the 203 acre site at Rhosgoch for use in the construction of Wylfa B stands until 2022. The submission of the Development Consent Order for the entire Wylfa B scheme and associated infrastructure by Horizon Nuclear Power has been delayed but is expected to be submitted shortly.
We completed the construction of the initial 65,000 square foot phase of the retail park at Cross Hands, South West Wales in 2017. The majority of the site is now let and we are finalising the lease for a new 22,000 square foot store which will be built on completion of the legal documentation.
At Haverfordwest, we have successfully discharged the three pre-commencement conditions of the residential permission relating to masterplanning, phasing and ecology. We plan to submit a reserved matters application for approximately one hundred units this summer. We continue to work on plans for the retail site where we withdrew our planning application in 2017.
Outlook
It is disappointing that we have written down the value of a number of the development projects over the past six months. Despite this, the development pipeline, which is held at cost, presents considerable potential for growth in net asset value per share in the coming years and the team will continue to work hard to deliver these projects.
Our balance sheet remains strong, with cash reserves and no debt, and we are therefore well placed to maximise the value of the projects and investments we hold and to acquire further assets when it makes sense to do so.
N J Hamway R T E Ware Chairman Chief Executive
Financial review
Net Asset Value
The net asset value at 31 March 2018 was GBP128.1 million (31 March 2017: GBP141.8 million; 30 September 2017: GBP135.8 million). The primary movements in the six month period were GBP1.0 million from investment property sales and net rental income plus GBP1.1 million of dividends from Regional REIT Limited offset by a GBP1.6 million write down of the value of our investment in Regional REIT Limited, GBP3.2 million of development costs written off, GBP1.6 million of administrative costs and GBP3.5 million spent on purchasing our own shares.
Cash Flow
The Group used GBP0.5 million cash in operating activities (31 March 2017: used GBP1.8 million; 30 September 2017: used GBP0.2 million).
The primary cash outflows in the period were GBP2.6 million incurred on investment properties under construction and GBP3.9 million to buy back shares. These were partly offset by cash inflows of GBP4.3 million from the sale of an investment property and GBP0.9 million from the sale of 908,251 Regional REIT Limited shares, resulting in a net cash outflow during the period of GBP1.5 million (31 March 2017: GBP17.6 million outflow; 30 September 2017: GBP26.5 million outflow).
Net Income from Investment Property Activities
31 Mar 30 Sept 31 Mar
2018 2017 2017
GBP'm GBP'm GBP'm
Rental income 0.6 5.0 4.9
Direct property costs (0.1) (1.6) (1.4)
--------- -------- -------
Rental surplus 0.5 3.4 3.5
Profit on sale of investment property 0.5 - -
Profit on sale of group undertakings* - 1.5 1.5
Total net income arising from investment property
activities 1.0 4.9 5.0
========= ======== =======
*Profit arising from the sale of the investment property portfolio to Regional REIT Limited.
Administrative Expenses
The administrative expenses for the six month period ended 31 March 2018 were GBP1.6 million (six month period ended 31 March 2017: GBP1.3 million). The major items were salary costs of GBP1.1 million and various costs arising as a result of the Group being quoted on AIM.
Financing
At 31 March 2018, the Group had cash of GBP35.7 million (31 March 2017: GBP46.0 million; 30 September 2017: GBP37.2 million). The decrease has resulted mainly from the cash used in buying back shares, administrative costs and investing in the investment properties under construction and developments projects.
As at 31 March 2018, the Group has no bank loan facilities.
Summary of Investment Properties Under Construction
31 March 30 Sept 31 March
2018 2017 2017
GBP'm GBP'm GBP'm
Nottingham 14.57 14.01 13.71
Cross Hands 9.38 8.14 5.06
Ashby-de-la- Zouch 1 0.08 3.55 1.33
Haverfordwest (Retail) 3.56 3.52 3.49
Rhosgoch 3.47 3.46 3.45
Parc Cybi, Holyhead 2.02 1.61 1.47
Total investment to date 33.08 34.29 28.51
========= ======== =========
Summary of Development Projects
31 March 30 Sept 31 March
2018 2017 2017
GBP'm GBP'm GBP'm
Haverfordwest 22.12 22.03 22.03
Holyhead Waterfront 10.27 10.26 10.17
Fishguard Waterfront 2 - 2.17 2.14
Fishguard Lorry Stop 2 0.07 0.54 0.54
Llandudno Junction 3 - 0.71 0.66
King's Lynn 0.87 0.87 0.87
Holyhead Truckstop 4 - - 3.18
Total investment to date 33.33 36.58 39.59
========= ======== =========
1) In November 2017, the recently constructed M&S Food Hall at Ashby-de-la-Zouch was sold for GBP4.35 million.
2) As set out in the Chairman's and Chief Executive's Statement, the Company wrote off its investment in Fishguard Waterfront in the current period and wrote down the carrying value of the proposed Fishguard Lorry Stop.
3) As set out in the Chairman's and Chief Executive's Statement, the Company wrote off its investment in Llandudno Junction in the current period.
4) On 29 September 2017, the Company disposed of its 50% interest in the Holyhead truckstop joint venture and assigned to the purchaser the GBP3.2m loan previously advanced to the operating company, Roadking Holyhead Limited.
The Conygar Investment Company PLC
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2018
Six months ended Year ended
31 March 31 March 30 Sept
2018 2017 2017
Note GBP'000 GBP'000 GBP'000
Rental income 536 4,492 4,641
Other property income 76 363 367
Revenue 612 4,855 5,008
----------- ----------- -----------
Direct costs of:
Rental income 91 1,387 1,608
Development costs written off 3,230 76 77
Direct Costs 3,321 1,463 1,685
----------- ----------- -----------
Gross (Loss)/Profit (2,709) 3,392 3,323
Profit on sale of group undertakings - 1,496 1,496
Profit on sale of investment property 458 - -
Movement on revaluation of investment
in Regional REIT (1,551) (1,408) (355)
Loss on sale of Regional REIT shares (43) - -
Dividends received from Regional REIT 1,101 - 948
Share of results of joint ventures 21 27 29
Profit on sale/assignment of interest
in joint venture - - 3
Other gains and losses 14 72 92
Administrative expenses (1,616) (1,298) (2,710)
----------- ----------- -----------
Operating (Loss)/Profit (4,325) 2,281 2,826
Finance costs 3 - (1,779) (1,785)
Finance income 3 31 115 174
----------- ----------- -----------
(Loss)/Profit Before Taxation (4,294) 617 1,215
Taxation 154 (122) (360)
----------- ----------- -----------
(Loss)/Profit and Total Comprehensive
(Charge)/Income for the Period (4,140) 495 855
=========== =========== ===========
Basic (loss)/earnings per share 5 (6.29)p 0.68p 1.21p
Diluted (loss)/earnings per share 5 (6.29)p 0.68p 1.21p
All of the activities of the Group are classed as continuing.
The Conygar Investment Company PLC
Consolidated Statement of Changes in Equity
For the six months ended 31 March 2018
Capital
Share Redemption Treasury Retained Total
Capital Reserve Shares Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Changes in equity for the
six months ended 31 March 2017
At 1 October 2016 4,985 1,568 (32,194) 177,680 152,039
Profit for the period - - - 495 495
---------- ------------ ---------- ----------- ---------
Total comprehensive income for
the period - - - 495 495
Purchase of own shares - - (10,741) - (10,741)
At 31 March 2017 4,985 1,568 (42,935) 178,175 141,793
========== ============ ========== =========== =========
Changes in equity for the
year ended 30 September 2017
At 1 October 2016 4,985 1,568 (32,194) 177,680 152,039
Profit for the year - - - 855 855
---------- ------------ ---------- ----------- ---------
Total comprehensive income for
the year - - - 855 855
Purchase of own shares - - (17,104) - (17,104)
Cancellation of treasury shares (1,629) 1,629 48,909 (48,909) -
At 30 September 2017 3,356 3,197 (389) 129,626 135,790
========== ============ ========== =========== =========
Changes in equity for the
six months ended 31 March 2018
At 1 October 2017 3,356 3,197 (389) 129,626 135,790
Loss for the period - - - (4,140) (4,140)
---------- ------------ ---------- ----------- ---------
Total comprehensive charge for
the period - - - (4,140) (4,140)
Purchase of own shares - - (3,503) - (3,503)
At 31 March 2018 3,356 3,197 (3,892) 125,486 128,147
========== ============ ========== =========== =========
The Conygar Investment Company PLC
Consolidated Balance Sheet
As at 31 March 2018
31 March 31 March 30 Sept
2018 2017 2017
Note GBP'000 GBP'000 GBP'000
Non-Current Assets
Property, plant and equipment 19 28 24
Investment in Regional REIT 6 25,139 26,590 27,643
Investment properties under construction 7 33,075 28,513 34,293
Investment in joint ventures 8 6,675 10,365 7,267
64,908 65,496 69,227
--------- --------- --------
Current Assets
Development and trading properties 9 26,657 29,230 29,311
Trade and other receivables 1,469 3,452 1,166
Cash and cash equivalents 35,676 46,031 37,170
--------- --------- --------
63,802 78,713 67,647
--------- --------- --------
Total Assets 128,710 144,209 136,874
Current Liabilities
Trade and other payables 563 2,416 879
Non-Current Liabilities
Deferred tax - - 205
Total Liabilities 563 2,416 1,084
--------- --------- --------
Net Assets 10 128,147 141,793 135,790
========= ========= ========
Equity
Called up share capital 3,356 4,985 3,356
Capital redemption reserve 3,197 1,568 3,197
Treasury shares (3,892) (42,935) (389)
Retained earnings 125,486 178,175 129,626
--------- --------- --------
Total Equity 128,147 141,793 135,790
========= ========= ========
Net Assets Per Share 198.3p 201.0p 203.0p
The Conygar Investment Company PLC
Consolidated Cash Flow Statement
For the six months ended 31 March 2018
Six months ended Year ended
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Cash Flows From Operating Activities
Operating (loss)/profit (4,325) 2,281 2,826
Development costs written off 3,230 76 77
Profit on sale of group undertakings - (1,496) (1,496)
Profit on sale of investment property (458) - -
Loss on revaluation of listed investment 1,551 1,408 355
Loss on sale of Regional REIT shares 43 - -
Share of results of joint ventures (21) (27) (29)
Profit on sale of interest in joint venture - - (3)
Depreciation and amortisation of reverse
lease premium 5 5 66
Other gains and losses 29 25 25
Cash Flows From Operations Before Changes
In
Working Capital 54 2,272 1,821
Change in trade and other receivables (303) (859) (659)
Change in land, developments and trading
properties (189) (47) (127)
Change in trade and other payables (69) (2,394) (436)
-------- ----------- ---------
Cash Flows (Used In)/Generated From Operations (507) (1,028) 599
Finance costs - (687) (693)
Finance income 23 67 74
Tax paid - (137) (181)
-------- ----------- ---------
Cash Flows Used in Operating Activities (484) (1,785) (201)
Cash Flows From Investing Activities
Acquisition of and additions to investment
properties (2,564) (15,617) (22,149)
Proceeds from sale of investment property 4,331 - -
Proceeds from sale of shares in Regional 910 - -
REIT
Cash transferred on sale of group undertakings - (1,896) (1,881)
Costs paid on sale of group undertakings - (269) (792)
Cash received from/(investment in) joint
ventures 205 (255) (282)
Proceeds from sale/assignment of interest
in joint venture - - 3,125
Purchase of plant and equipment - (12) (12)
Cash Flows Generated From/(Used In) Investing
Activities 2,882 (18,049) (21,991)
Cash Flows From Financing Activities
Bank loans drawn down - 21,298 21,298
Bank loans repaid - (8,335) (8,335)
Costs paid on new bank loan - (548) (548)
Purchase of own shares (3,892) (10,212) (16,715)
Cash Flows (Used In)/Generated From Financing
Activities (3,892) 2,203 (4,300)
Net decrease in cash and cash equivalents (1,494) (17,631) (26,492)
Cash and cash equivalents at start of period 37,170 63,662 63,662
-------- ----------- ---------
Cash and Cash Equivalents at End of Period 35,676 46,031 37,170
======== =========== =========
The Conygar Investment Company PLC
Notes to the Interim Results
For the six months ended 31 March 2018
1. Basis of Preparation
The accounting policies used in preparing the condensed financial information are consistent with those of the annual financial statements for the year ended 30 September 2017 other than the mandatory adoption of new standards, revisions and interpretations that are applicable to accounting periods commencing on or after 1 October 2017, as detailed in the annual financial statements.
The condensed financial information for the six month period ended 31 March 2018 and the six month period ended 31 March 2017 has been reviewed but not audited and does not constitute full financial statements within the meaning of section 435 of the Companies Act 2006.
The financial information for the year ended 30 September 2017 does not constitute the Group's statutory accounts for that period but it is derived from those accounts. Statutory accounts for the year ended 30 September 2017 have been delivered to the Registrar of Companies. The auditors have reported on these accounts; their report was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The board of directors approved the above results on 21 May 2018.
Copies of the interim report may be obtained from the Company Secretary, The Conygar Investment Company PLC, Fourth Floor, 110 Wigmore Street, London, W1U 3RW.
2. Segmental Information
IFRS 8 requires the identification of the Group's operating segments which are defined as being discrete components of the Group's operations whose results are regularly reviewed by the Board of directors. The Group divides its business into the following segments:
-- Investment in the shares of Regional REIT Limited;
-- Investment properties, including investment properties under construction, which are owned or leased by the Group for long-term income and for capital appreciation; and,
-- Development properties, which include sites, developments in the course of construction and sites available for sale.
The only items of revenue or profit/loss relating to the investment in Regional REIT Limited are the dividends received from that investment, the fair value movement during each reporting period and the loss on sale of shares in the current period. The only item of revenue or profit/loss relating to the development properties is the write off of development costs and therefore only the segmented balance sheet is reported.
Balance Sheet
31 Mar 31 Mar
18 17
Investment Development Group Investment Development Group
Investment Properties Properties Other Total Investment Properties Properties Other Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
in
Regional
REIT
Limited 25,139 - - - 25,139 26,590 - - - 26,590
Investment
properties - 33,075 - - 33,075 - 28,513 - - 28,513
Investment
in
joint
ventures - - 6,675 - 6,675 - - 10,365 - 10,365
Development
&
trading
properties - - 26,657 - 26,657 - - 29,230 - 29,230
----------- ----------- ------------ -------- -------- ----------- ----------- ------------ -------- --------
25,139 33,075 33,332 - 91,546 26,590 28,513 39,595 - 94,698
Other assets - 4,966 37 32,161 37,164 - 3,245 28 46,238 49,511
----------- ----------- ------------ -------- -------- ----------- ----------- ------------ -------- --------
Total assets 25,139 38,041 33,369 32,161 128,710 26,590 31,758 39,623 46,238 144,209
Liabilities - (326) (7) (230) (563) - (966) - (1,450) (2,416)
Net assets 25,139 37,715 33,362 31,931 128,147 26,590 30,792 39,623 44,788 141,793
=========== =========== ============ ======== ======== =========== =========== ============ ======== ========
3. Finance Income/Costs
Six months ended Year ended
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Finance income
Bank interest 31 115 174
=========== ========= =================
Finance costs
Interest payable on bank loans - (751) (757)
Amortisation of arrangement fees - (127) (127)
Interest payable on zero dividend preference
shares - (901) (901)
- (1,779) (1,785)
=========== ========= =================
All of the undertakings that were party to both the Group's bank
loans and the zero dividend preference shares were sold on 24 March
2017. The Group's finance costs, in connection with those liabilities,
ceased at that date.
4. Dividend
No dividend was paid in respect of the year ended 30 September 2017
(2016: nil).
5. Earnings per Share
The calculation of losses / earnings per ordinary share is based on the loss after tax of GBP4,140,000 (31 March 2017: profit of GBP495,000; 30 September 2017: profit of GBP855,000) and on the number of shares in issue being the weighted average number of shares in issue during the period of 65,774,072 (31 March 2017: 72,708,193; 30 September 2017: 70,684,860). There are no diluting amounts in either the current or prior periods. The total number of ordinary shares in issue (net of 2,505,000 shares purchased by the Company and held as treasury shares) at the date of this report was 64,621,435.
6. Investment in Regional REIT
Regional REIT is a United Kingdom based real estate investment trust whose shares were admitted to the premium segment of the Official List and to trading on the main market of the London Stock Exchange on 6 November 2015. Regional REIT is managed by London & Scottish Investments Limited, as asset manager, and Toscafund Asset Management LLP, as investment manager.
The movement in the number and value of the shares during the period was as follows:
Number Valuation
of shares GBP'000
At 30 September 2017 26,326,644 27,643
Disposals in the period (908,251) (953)
Movement in market value - (1,551)
At 31 March 2018 25,418,393 25,139
=========== ==========
The Company has agreed a lock-in arrangement in respect of the shares. Specifically, the Company is not permitted to dispose (directly or indirectly) of the legal or beneficial ownership of 8,775,548 shares until 24 September 2018.
7. Investment Properties Under Construction
Investment properties under construction are freehold land and buildings representing investment properties under development or construction and they amount to GBP33,075,000 as at 31 March 2018 (31 March 2017: GBP28,513,000; 30 September 2017: GBP34,293,000). These properties comprise landholdings for current or future development as investment properties. This methodology has been adopted because the value of these properties is dependent on a detailed knowledge of the planning status, the competitive position of the assets and a range of complex development appraisals. The fair value of these properties rests in the planned developments, and is difficult to estimate pending confirmation of designs and planning permission, and hence has been estimated by the directors at cost as an approximation to fair value.
The movement in the carrying value of investment properties under construction during the period was as follows:
GBP'000
At 30 September 2017 34,293
Disposal (3,824)
Additions 2,606
At 31 March 2018 33,075
========
8. Investment in Joint Ventures
The Group has a 50% interest in a joint venture, Conygar Stena Line Limited, which is a property development company and a 50% interest in a joint venture, CM Sheffield Limited, which is a dormant company.
On 29 September 2017, the Group disposed of its 50% interest in the share capital of Roadking Holyhead Limited and assigned its loan to Roadking Holyhead Limited for a gross consideration of GBP3,125,500.
The following amounts represent the group's 50% share of the assets and liabilities, and results of the joint ventures which are included in the balance sheet and income statement:
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Assets
Current assets 6,688 10,395 7,282
Liabilities
Current liabilities (13) (30) (15)
Net assets 6,675 10,365 7,267
========= ========= ===========
Six months ended Year ended
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Net rental income 21 27 29
--------- --------- -----------
Profit before tax 21 27 29
Tax - - -
Profit after tax 21 27 29
========= ========= ===========
9. Development and Trading Properties
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Properties held for resale or development 26,657 29,230 29,311
============= ========= ========
The above amounts relate to development properties, which include sites, developments in the course of construction and sites available for sale. The movement in the carrying value of development and trading properties during the period was as follows:
GBP'000
At 30 September 2017 29,311
Additions 576
Development costs written off / written
down (3,230)
At 31 March 2018 26,657
========
As set out in the Chairman's and Chief Executive's Statement, the Company is unable to progress its proposals for a mixed-use development at Fishguard, West Wales as Stena Line Ports informed the company that the proposed development would interfere with their harbour and ferry operations. Accordingly, the project cannot go ahead and the Company has written off a total of GBP2.4 million.
The Company has also written down its GBP0.8m investment in the Llandudno Junction project.
10. Net Asset Value per share
Net asset value per share is calculated as the net assets of the Group divided by the number of shares in issue. There are no diluting or adjusting amounts for the reported periods.
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Net asset value 128,147 141,793 135,790
No. No. No.
Shares in issue 64,621,435 70,541,435 66,891,435
============= =========== ===========
Net asset value per share 198.3p 201.0p 203.0p
============= =========== ===========
The above calculations exclude the fair value of the Group's development
properties. We have not sought to value these assets as, in our opinion,
they are at too early a stage in their development to provide a meaningful
figure.
11. Related Party Transactions
The Group has made advances to the following joint ventures in order to provide both long term and additional working capital funding. All amounts are repayable upon demand and will be repaid from the trading activities of those subsidiaries. No provisions have been made against the outstanding amounts.
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Joint Ventures
Conygar Stena Line Limited 7,511 8,023 8,098
CM Sheffield Limited - 2 2
Roadking Holyhead Limited - 3,235 -
--------- --------- --------
7,511 11,260 8,100
========= ========= ========
The loans to Conygar Stena Line Limited may be analysed as follows:
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Secured interest bearing loan 4,491 5,003 5,078
Unsecured non-interest bearing shareholder
loan 3,020 3,020 3,020
--------- --------- --------
7,511 8,023 8,098
========= ========= ========
Key Management Compensation
Key management personnel have the authority and responsibility for planning, directing and controlling the activities of the Group and are considered to be the directors of the Company. Amounts paid in respect of key management compensation, including amounts paid to Mr P M C Rabl in advance of his stepping down on 25 January 2018, were as follows:
Six months ended Year ended
31 March 31 March 30 Sept
2018 2017 2017
GBP'000 GBP'000 GBP'000
Short term employee benefits 707 467 1,013
========= ============ =========
Independent Review Report to The Conygar Investment Company PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2018 which comprises the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated balance sheet, the consolidated cash flow statement and the related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the AIM Rules ("the AIM rules"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2018 is not prepared, in all material aspects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules.
Rees Pollock
Chartered Accountants and Registered Auditors
London
21 May 2018
Notes:
(a) The maintenance and integrity of The Conygar Investment Company PLC website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website.
(b) Legislation in the United Kingdom governing the presentation and dissemination of financial information may differ from legislation in other jurisdictions.
The directors of Conygar accept responsibility for the information contained in this announcement. To the best knowledge and belief of the directors of Conygar (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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May 22, 2018 02:00 ET (06:00 GMT)
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