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Conygar Investment Company PLC

Conygar Investment Company PLC Nottingham will be transformational for the Group

Conygar Investment Company PLC (LON:CIC) today announced Interim Results for the six months ended 31 March 2019

Robert Ware, Chief Executive of The Conygar Investment Company, commented:

“The granting of the outline planning permission at Nottingham is a very significant step forward, which we believe will be transformational for the Group.

With our cash balances of £46 million and no debt, we are positioned to deliver our projects and to take advantage of increasing market volatility.”

Major Points

· Net asset value per share 179p at 31 March 2019.

· Outline planning permission granted for our mixed-use scheme in Nottingham City Centre.

· Construction of the Lidl store at Cross Hands and the B&M store in Ashby-de-la-Zouch both underway.

· Disposal of the Premier Inn at Parc Cybi, Anglesey completed.

· Sale of Selly Oak, Birmingham agreed subject to planning permission.

· Write down of Haverfordwest land value by £18.5 million, reflecting the weak housing market.

· Bought back 3.24 million shares (5.4% of ordinary share capital) at an average price of 172 pence per share.

· Total cash available of £45.6 million and no debt.

Summary Group Net Assets as at 31 March 2019

  Per Share 
 £’mp 
Properties56.8100.5 
Cash45.680.8 
Other Net Liabilities(1.4)(2.7) 
Net assets101.0178.6 
    

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.