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 Shares Traded Last Trade
  +0.00p +0.00% 148.00p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
148.00p 149.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 1.54 -3.77 -5.72 86.4

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Date Time Title Posts
14/5/201920:08Conygar Investment Company Plc.1,204
22/5/201817:21*** Conygar ***2
16/4/201811:38Interview with Conygar Investment 1
07/10/200908:47COYGAR TO TAKE OFF?87
03/1/200819:41Invest in the people73

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Conygar Investment (CIC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-05-22 15:35:03148.0034,03350,368.84UT
2019-05-22 15:01:46148.802,0002,976.00O
2019-05-22 14:47:59148.705,0007,435.00O
2019-05-22 14:11:51148.703,5005,204.50O
2019-05-22 12:14:05148.5029,00043,065.00O
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Conygar Investment (CIC) Top Chat Posts

Conygar Investment Daily Update: Conygar Investment Company Plc (the) is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker CIC. The last closing price for Conygar Investment was 148p.
Conygar Investment Company Plc (the) has a 4 week average price of 143.50p and a 12 week average price of 143.50p.
The 1 year high share price is 185p while the 1 year low share price is currently 143.50p.
There are currently 58,346,435 shares in issue and the average daily traded volume is 41,182 shares. The market capitalisation of Conygar Investment Company Plc (the) is £86,352,723.80.
spob: Website - Http:// 154p, Mcap £106.4m, Nos 69.1m RGL thread - Http:// 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 Https:// 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: 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. "
topvest: 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.
topvest: 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: well I have stayed quiet for a while and watched...share price seems to be consistently dropping. Interesting they have bought the great white elephant of the old Shell Oil storage depot. Hopefully in anticipation of Wylfa being re vamped by Hitachi. At least the Welsh are going with nothing happening in S Wales...though I hear rumblings of discord between Stena and Conygar. Also that the truck stop isnt doing so well as the truckers dont want to pay to use it....we will see....anyone got any comments?
crooked lawyer: Hmmm 2. I am still here still looking this "interesting" little company...quite right and have you had a look to see just exactly who the new finance director is and the companies hes involved with? Both dummy dormant companies based at suprise suprise, the same address in good old Wigmore Street....what with the departure of the Prop Manager earlier and now Peter sets sail to do "his own" thing...what exactly is going on.??...see the share price isnt doing too brilliantly either...nothing happening in Conwy, nothing in Haverfordwest...nothing in Pembrokedock...???? nothing anywhere...comments on my rants welcome and will be taken in good humour. Lovely weather..Indian Summer...enjoy.
skyship: "...your final comments don't seem to tie in with the share price chart over the last two and half years - or even the last five years." Quite so. The time to buy, when many of us did, was back in 2012 when they were unloved, criticised and trading in the 80s/90s on a 40% NAV discount! They are best left for the time-being IMO. PCTN & SREI were two others hitting those absurd discount levels back in 2012 - somehow that 40% level has always been good as the absurdity triggers action of one form or another. The only UK propco now offering that value is LSR, which is in liquidation mode. The NAV discount is 33%; but 40% to the EPRA NAV. This link shows the write-up I did last week:
grahamburn: Putting your detailed local knowledge to one side (fully accept that this needs to be recognised and taken on board by shareholders), your final comments don't seem to tie in with the share price chart over the last two and half years - or even the last five years.
skyship: Just posted this on TMF in support of my Annual Tip comp over there: ==================================================================== Many on this thread will recall from just a year ago the opprobrium aimed at the Directors of Conygar Investment Company (CIC), the property company run by Robert Ware, well-known as the former boss of property major MEPC. CIC took a real hammering in the PR stakes following an absurdly high remuneration and bonus policy. I was one of the many who added their name and pledged their holdings to the action taken by Carmensfella and Roger Lawson's Share Society, to seek a change to the outlandish Remuneration package then in force. They are putting it right, partly, and relying on the passage of time and underlying performance to regain trust. They are halfway there after this piece in the recent Annual Report:- ============================================= Review of Remuneration Policy At the last Annual General Meeting, the Chairman committed to consult with a wide range of shareholders with respect to the Group's remuneration arrangements for Executive Directors. We have also monitored and reviewed the topical debates in this area. It is essential that remuneration remains sufficiently competitive to attract, retain and motivate high quality management to achieve challenging targets. The Group has been well run and has continued to grow through one of the worst downturns in living memory. However, we acknowledge that bonus payments, in whatever form, should only arise for true out-performance and to that end, we have increased the post-tax hurdle rate on the Profit Sharing Plan to 10% per annum on a cumulative basis. In addition, we have introduced a share price condition. The remuneration committee does not intend to pay out a bonus unless the market share price is at least 65% of audited net asset value per share. We have also made a number of lesser amendments to clarify and simplify the Plan, but in the main, our shareholder consultees were satisfied that the basic structure is appropriate for our business model. ================================================= I've been watching and waiting for CIC to emerge from its long, self-induced pariah status. It's a bit soon, they may not be there yet, but I certainly feel the Company is now in remission; and at 90p the yawning 46% discount to the 168p NAV may well be even higher due to the undoubted potential of their un-revalued development projects. There are many reasons why I believe now to be a good buying opportunity: 1. The basic fundamentals of the business are sound; and by any Commercial Real Estate metrics the share price is now significantly undervalued – see the annual Report HIGHLIGHTS below. With the high-yielding portfolio and considerable development potential, the share price might normally be expected to be standing at no more than a 30% NAV discount, ie 117.5p – some 30% higher than the current level 2. The Company's share buyback programme underpins the current share price, is NAV accretive and over time is replacing the selling from more traditional fund management groups with what may be considered more entrepreneurial and active shareholders – the most recent two being Majedie Asset Management (5.5%) and Baker Street Capital Management (6.0%). The Share Buyback Scheme will be renewed at the AGM on 15th January. 3. On the new development side the Company has a development land bank, conservatively held at a cost of £30.8m, with various associated planning processes proceeding well. Short-term progress on any one of the Fishguard, Holyhead or Haverfordwest projects might be expected to have very positive NAV implications. All is fully detailed in the Annual Report and in this link to the Company website 4. The Company has very low gearing for a property company. The current LTV is just 27.4%. There are no funding concerns and the current cost of borrowings is a hedged 4.44%. 5. Technically the shares have traded out of their 2011/12 downtrend and have spent the past 4months consolidating above the 50day & 200day MAs. The way now looks set to challenge the 100p resistance last attempted in Dec'11. A successful break North would provide the impetus to targets around 120p. 6. Finally, there has to be the very real possibility that Robert Ware will retread a path he took many years ago with MEPC, ie an opportunistic MBO. Before any upside kicks in from the development projects, he could be tempted to launch an admittedly cheeky but likely successful offer at a 25% NAV discount. After all, who would turn down a cash offer @ 126p – a full 40% higher than the current offer price of 90p. Other than the historic corporate governance concerns, the only other negative to an investment here is that regrettably they continue to be rather parsimonious with the dividend, stating "Our dividend policy is unchanged in that we will aim to provide some income return to shareholders but for the most part retain profits for reinvestment in the business." At 90p the 1.25p annual dividend provides a yield of just 1.39%. To summarise, I believe CIC to be a great Risk/Reward play - perhaps 5% downside versus a quite clear 33% upside to 120p.....& possibly then some! The famous US hedge fund manager Seth Klarman would view CIC as a cigar butt opportunity – ie, time to pick up a valuable commodity being carelessly discarded by others. ========================================================= A good report following the Prelims in Nov'12: ================================ CIC Annual Report – Y/e 30/09/12: HIGHLIGHTS ● NAV/share increased by 7% to 165.9p (2011: 155.2p). EPRA NAV/share increased by 8% to 166.9p (2011: 153.9p) ● Pre-tax profit for the year £7.46 million (2011: £1.76 million) ● Acquired a portfolio of nine freehold and long leasehold properties (the "Edinmore portfolio") for £39.8 million with a net initial yield of 10.6%. Valued at £42.4 million as at 30/09/12 ● Obtained planning consents for our £100 million waterfront development at Fishguard, West Wales and our mixed-use marina development at Holyhead, Anglesey, Wales ● Net debt of £48.2 million representing gearing of 31.3% against NAV and 27.4% on LTV ● Strong cash flow and debt capacity for future acquisitions, with total cash and undrawn committed facilities exceeding £50 million ● Share buy back: the Group acquired 9.1% of its ordinary share capital at a weighted average price of 90.8p/share ● Post period end, submitted planning application in respect of the 60,000 square foot Sainsbury's retail food store and 835 residential plots in Haverfordwest Summary Group Net Assets As At 30/0912: GBP'm p/share Investment Properties 176.0 189.6 Development Projects 30.8 33.2 Cash 31.5 33.9 Other Net Liabilities (4.6) (5.0) ------- ---------- 233.7 251.7 Bank Loans (79.7) (85.8) NAV/share: 154.0 165.9 ======= ========== ============================================= Links to the principal assets in the property investment portfolio: =============================================
sharpshare: After the TAP takeover CIC diluted estimated NAV now about 202p per share with loan to value gearing around 32%. Share price 108.5p; Current discount about 93.5p or 47% to NAV. MAX Property share price around 130p giving a premium of about 33% to NAV. If CIC gets similar rating then CIC share price could be around 255p. TAP takeover looks like a brilliant move from CIC. They bought about 29% of TAP shares from a possible distressed seller at about 14p and then to win control they offered a paper swap ensuring that it was NAV accretive for CIC shareholders. CIC management deserve to be congratulated. For minority TAP shareholders it is not all bad news, apart from suffering some NAV dilution they get very good shrewd management expert in property finance, development and trading, potentially lower cost in house management with personal equity at stake plus lower LTV gearing which should lead to cheaper borrowing costs. Was TAP effectively a forced seller in recent months to stop LTV covenants from breaching? With new cash the threat of forced selling may be replaced by opportunistic selling which should achieve much higher prices. At a guess opportunistic selling should achieve at least 10% higher prices than a forced sale. Of course if UK commercial property prices fall substantially from here then it would have been a poor deal for CIC. For CIC NAV calc I have combined CIC + TAP assets and liabilities, excluded TAP interest rate swap fair value notional adjustment from liabilities, revalued CIC marina developments by a conservative 50% as they are in the balance sheet at cost, assumed TAP to be owned 100% and have assumed ZDP's convert into ords. Feel free to make your own version of estimated NAV calcs... If you were an investor who has just sold a UK govt bond to the Bank of England for a very nice price thank you and now has loads of cash it would be a) very tempting to buy UK property yielding around 9%, b) shares in FTSE100, c) cash yielding .5%, d) foreign assets. In fact the GBP 175 billion of newly printed and to be printed money is finding it's way to all such assets and more. As more and more money is printed the nominal value of real assets such as buildings goes up and the real value of debt goes done and by the process of mathematics the value of residual equity in leverage buildings goes up even faster. The UK stock market seems to have reached the same conclusion. Almost all UK listed property companies have rallied strongly in the last 3 months. CIC has not yet. If you think that UK commercial property values are near bottom then CIC looks like a bargain.
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