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 |
|
|
|
£'m |
p |
|
|
Properties |
56.8 |
100.5 |
|
|
Cash |
45.6 |
80.8 |
|
|
Other Net Liabilities |
(1.4) |
(2.7) |
|
|
Net assets |
101.0 |
178.6 |
|
|
|
|
|
|
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.”