Conygar Investment Company Plc - Interim Results

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."