Conygar Investment Company Plc - Preliminary Results
THE CONYGAR INVESTMENT COMPANY PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2019
- Net asset value per share 178.2p at 30 September 2019.
- Resolution passed to grant planning permission for our mixed-use scheme in Nottingham City Centre.
- Construction of the Lidl store at Cross Hands, Carmarthenshire completed.
- Completion of the construction and sale in October 2019 of B&M store in Ashby-de-la-Zouch, Leicestershire.
- Disposal of the Premier Inn at Parc Cybi, Anglesey completed in March 2019.
- Sale of Selly Oak, Birmingham agreed subject to planning permission.
- Write down of land value at Haverfordwest, Pembrokeshire by £18.6 million, reflecting the weak housing market.
- Bought back 3.24 million shares (5.4% of ordinary share capital) at an average price of 172.3 pence per share.
- Total cash available of £39.9 million and no borrowings.
Robert Ware, Chief Executive, commented:
"The disposals of the assets at Parc Cybi, Anglesey, and Ashby-de-la-Zouch, Leicestershire, and the conditional sale of our property at Selly Oak, Birmingham, emphasise the Group's desire to realise value when opportunities arise. Funds raised from these disposals will be recycled into our other projects.
In spite of the current political uncertainty, the Group is well placed to deliver the existing developments and to take advantage of any market volatility we could see in the coming months, with cash of £39.9 million and no borrowings."