Conygar Investment Company PLC (LON:CIC) Chief Financial Officer Ross McCaskill caught up with DirectorsTalk for an exclusive interview to discuss Miton Group’s increased stake and the progress of their Nottingham project
Q1: Ross, we’ve seen this morning that Miton have increased their stake, presumably you’re happy that they’ve done so, what are your thoughts there?
A1: We’re obviously very happy. Miton Group PLC (LON:MGR) are a very successful fund management group, they’re looking for strong long-term performance and they’re a value investor.
They’ve been a long-term support of Conygar and we’re very happy that they’ve increased their stake over 15% now hold nearly 9.8 million shares in us. I think they see the long-term value in us because we’re trading at about 25%-26% discount to the last reported NAV per share of 203p so hopefully they’ll continue to support us for the long-term.
Q2: How is the Nottingham project progressing?
A2: It’s progressing quite well, we’re working hard on trying to get the planning application submitted, we’re hoping to get that in in June.
Just to recap, this is a very exciting opportunity to regenerate the city centre, we bought 37 acres in Nottingham city centre by the train station for £13.5 million. We’re hoping to submit an application for over 2 million square feet of mixed use space which can include a university faculty, offices, creative trade; which is going to be something like Camden Market or Borough Market, and in additional we’ll create private residential flats; PRS schemes, and student housing.
So, it’s a very exciting project overall.