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.”
Interim Results for the six months ended 31 March 2018
· 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 £4.4 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 £3.5 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 £35.7 million and no debt.
Summary Group Net Assets as at 31 March 2018
|
Per Share |
|||
|
£’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 |
|
