The Conygar Investment Company PLC (“Conygar”) is an AIM quoted property investment and development group dealing primarily in UK property. The group aims to invest in property assets where we can add significant value using our property management, development and transaction structuring skills.

http://www.conygar.com/

1 May Liberum Capital 204.00 Buy
1 May Oriel... N/A Add

MIDAS SHARE TIPS: Property group Conygar Investment Company has large development projects that should encourage growth and deliver gains for investors

By Joanne Hart, Financial Mail On Sunday

Published: 22:01, 10 May 2014 | Updated: 22:01, 10 May 2014

The Welsh coast is known for its beauty, but many communities along it suffer from economic hardship. Property group Conygar Investment Company has large development projects that should encourage growth there and deliver gains for investors.


Conygar has a profitable investment portfolio, too, which should appreciate in value at the same time as the development projects start to yield results. At 1671⁄2p, the shares have plenty of potential.


The company is run by Robert Ware, 59, a veteran of the market, who has held board positions at a string of property groups, including MEPC, which was sold for £3.5 billion in 2000.





Setting sail: Robert Ware's plans include waterfront flats and a 500-berth marina at Holyhead.



Ware founded Conygar with two former MEPC colleagues, Peter Batchelor and Steven Vaughan, who are still board directors. The trio had built a reputation for clever trading and have continued in that vein at Conygar.


The group has three investment portfolios, worth about £165 million, which mainly comprise offices and industrial sites in the Midlands, the North and Scotland. Two were bought in 2009, in the depths of the financial crisis, one by a hostile takeover, which enabled Conygar to gain the assets at a 42 per cent discount to their value at the time. The third portfolio was bought in 2011, when property prices were still very depressed.


The three generate considerable annual income, comfortably enough to pay a decent dividend and have money left over to upgrade the properties and look for new ones.


Commercial property out of London has not risen in value as much as other market sectors, but this is widely expected to change and Conygar should reap the benefits by raising rents and selling sites. The firm has about £100 million to spend on investment and its history of smart purchases bodes well for shareholders.


The development sites have extremely good prospects, too. Conygar has amassed six – two near Holyhead in North Wales and four in Pembrokeshire, West Wales. These include space for 1,750 homes, three marinas with room for 1,200 boats and more than 350,000 sq ft of commercial space for use as offices, shops and transport facilities.


Obtaining planning permission is notoriously difficult in the UK and Ware has spent years talking to the relevant authorities to allow his developments to go ahead. But he now has broad permission for all six sites and construction is starting this month on a lorry park just outside Holyhead.


The site is being built in a joint venture with Fred Done, the entrepreneur who set up bookmaker Betfred. Lorry parks are desperately needed in Wales as drivers come over from Ireland and there is virtually nowhere for them to rest until they reach England. The site is expected to be operating this year and should generate solid income from firms looking to rent space for drivers.


Conygar has also signed up Sainsbury’s to build a superstore in Haverfordwest, Pembrokeshire. The site has space for more than 700 homes and property becomes much more desirable when it is near a large supermarket. Conygar does not build homes but Ware is hopeful that, as Sainsbury’s starts building, housebuilders will come in and buy his land. There are high hopes for the Holyhead sites, too, which are just a few miles from the Anglesey power station. Japan’s Hitachi has bought the plant and hopes to start work on it in the next few years, so there will be a real need for more local homes.


Demand for the Fishguard sites is also considerable as it is an area of great beauty.


Analysts expect profits of £4.7 million for the year to September, rising to £6.1 million next year and £8 million the year after. A dividend of 1.8p is forecast for this year, rising to 2p in 2015 and 2.3p the following year. Crucially, Conygar holds its Welsh assets in its books at a very low value, so analysts at stock broker Liberum believe they could be worth 55 per cent more than their current value as the sites start to be developed. This should have a big impact on the share price.


Midas verdict: Conygar’s shares has been held back as the company has wrestled with planning authorities and a subdued property market. Now it is on the cusp of change. Buy now and reap the rewards over the next three to five years.


Traded on: AIMTicker: CIC Contact: 020 7258 8670 or conygar.com

Completion of Disposal at Haverfordwest

RNS


RNS Number : 7884G

Conygar Investment Company PLC(The)

12 May 2014






For immediate release

12 May 2014

THE CONYGAR INVESTMENT COMPANY PLC

COMPLETION OF DISPOSAL AT HAVERFORDWEST

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment and development group, announces that it has completed the sale of 9.6 acres of land at its development site at Haverfordwest, Pembrokeshire to Sainsbury's Supermarkets Limited for a gross consideration of £13.75 million.

As part of the consideration received from Sainsbury's, Conygar is committed to complete the highways and services infrastructure works to enable both the food store opening and to service the residential development on the remaining 83 acres upon which the Company currently has planning permission to construct 729 houses. These works are anticipated to commence this summer and will cost circa £7.8 million including contributions under the Section 106 agreement.

Sainsbury's planning consent is for a 60,000 square foot retail food store with car park and petrol filling station, whilst Conygar will hold 729 fully serviced residential plots available for development. Conygar acquired the entire 93 acre site during 2010 and 2011 and has spent £15.4 million to date, including the costs of obtaining planning permission. The Company has also completed on the disposal of an existing residential property on the site for £0.6 million.

Robert Ware, Chief Executive of Conygar commented:

"We are pleased to have now satisfied all the various conditions and completed on the sale to Sainsbury's. The sale has provided all the funding required to complete the infrastructure works without resorting to any of our existing cash resources. This will enable us to market the fully serviced 83 acre residential site.

We are continuing to progress our proposed multi use scheme at Ebenezer Row which will link the development to the Town Centre."

Interim Results ended 31st March 2014



Highlights

· Net asset value per share increased by 3.6% to 180.8p from 174.6p at 30 September 2013. EPRA NAV per share increased 2.5% to 179.2p from 174.9p.


· Pre-tax profit for the period £7.46 million compared with a loss of £199,000 in the six months ended 31 March 2013.


· Investment property portfolio valuation up 3.3%in the period on a like-for-like basis, reflecting the strengthening of the regional property market.


· Total cash available for acquisitions in excess of £70 million. Net debt of £32.6 million representing gearing of 20% against net asset value and 20% on loan to value basis.


· Zero dividend preference share issue in period raising £29.3 million after costs. Five year term with a coupon of 5.5% pa.


· In May 2014, completed sale of 9.6 acres of land at Haverfordwest to Sainsbury's Supermarkets Limited for a gross consideration of £13.75 million.


· Disposed of two investment properties in the period for a total of £9.5 million, a surplus of £0.6 million over book value. Following the period end, disposed of three further investment properties taking the total sales in the year to date to £25.7 million, a surplus of £1.9 million over book value.


· £5 million joint venture created with Mr Fred Done, co-founder of Betfred, to develop and operate a 9 acre, 200 space truck stop at Parc Cybi, Anglesey.



· Section 106 planning agreement at Holyhead Waterfront completed. Planning consent now granted.



http://www.moneyam.com/action/news/showArticle?id=4814914

Part Disposal of Aker Village, Aberdeen

RNS


RNS Number : 8491H

Conygar Investment Company PLC(The)

23 May 2014






For immediate release

23 May 2014



THE CONYGAR INVESTMENT COMPANY PLC

PART DISPOSAL OF AKER VILLAGE, ABERDEEN

The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces that it has completed on the sale of Site 2, Aker Village, Aberdeen for a consideration of £7.45 million, a surplus of £700,000 over the September 2013 valuation and an 8.8% uplift after deducting costs of sale.



The site comprises a 60,000 sq ft detached warehouse let to Aker Business Services Limited at a rent of £570,490 per annum exclusive.



Robert Ware, Chief Executive of Conygar commented:



"Further to our recent sale of Site 1, Aker Village, Aberdeen, we are pleased to have again been able to take advantage of an improving market to dispose of another part of our holding and to have crystallised a significant surplus over our book value."

7 Jul Liberum Capital 200.00 Buy

Acquisition of Industrial Park

RNS


RNS Number : 6638N

Conygar Investment Company PLC(The)

30 July 2014






For immediate release

30 July 2014

THE CONYGAR INVESTMENT COMPANY PLC

ACQUISITION OF INDUSTRIAL PARK

The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces the acquisition of a multi-let freehold industrial site, Mochdre Commerce Park located at Colwyn Bay, North Wales for a total consideration of £2.75 million including costs. The park comprises approximately 22 acres and 191,000 square feet of modern industrial space and is strategically located adjoining the A55 expressway midway between Holyhead and Chester.

The property is currently part let to 3 tenants with a passing rent of £106,942 per annum which should increase to £166,942 once two lettings currently in advanced negotiation are completed. The remaining 146,000 square feet is currently vacant. The commerce park, which has suffered from under-investment in recent times, offers excellent asset management and development opportunities with which to add significant value. Conygar will look to invest in updating and refurbishing the various vacant units and potentially developing additional units.

Robert Ware, Chief Executive of Conygar commented:

"This acquisition offers excellent opportunities for us to add real value in this strategically important area of North Wales. Our local knowledge and contacts, plus the experience gained from our development at Parc Cybi on the outskirts of Holyhead, will be critical in successfully developing the commerce park. Whilst primarily a development opportunity, the existing rental yield ensures the asset will remain cash positive whilst we refurbish and possibly redevelop other parts of the park."

Interims Tuesday 26 August

Are you sure dc? Year end is 30th Sept and interims to 31st March 2014 released end of May.

Apologies partridge, looks like a money am mistake. Also in the most recent issue of Shares.

Interim Result
21 May 14 Conygar Investment Company (The) PLC [CIC]
26 Aug 14 Conygar Investment Company (The) PLC [CIC]

Thanks dc. Held these for a number of years and patience is gradually being rewarded. Perhaps (wishful thinking) this is a Freudian slip and they release some good news by way of RNS tomorrow!

I read in Shares a few weeks back partridge that their efforts are coming to fruit . Good luck partridge. :-))

13 Oct Liberum Capital 204.00 Buy

Preliminary Results


HIGHLIGHTS



· Net asset value per share increased by 13.1% to 197.5p (2013: 174.6p). EPRA NAV per share increased by 12.0% to 195.9p (2013: 174.9p).



· Pre-tax profit for the year £20.51 million compared with £7.74 million last year.



· Dividend increased by 16.7% to 1.75p per share (2013: 1.5 pence).



· Investment property portfolio valuation up 10.4% on a like for like basis as property market outside of London recovers.



· Total cash of £71 million available for acquisitions. Net debt of £15.6 million representing gearing of 9.2% against net asset value and 9.9% on loan to value basis.



· Zero dividend preference share issue in period raising £29.3 million after costs. Five year term with a coupon of 5.5% per annum.



· Completed sale of 9.6 acres of land at Haverfordwest for £13.75 million, realising a profit of £11.5 million.



· Disposed of five investment properties in the year for a total of £25.7 million, a surplus of £1.6 million over book value.



· Share buy back: the Group acquired 3.5% of its ordinary share capital at a price of 165.5p per share.



· £6 million joint venture created with Mr Fred Done, co-founder of Betfred, to develop and operate a 9 acre, 200 space truck stop at Parc Cybi, Anglesey.






http://www.moneyam.com/action/news/showArticle?id=4935270

Disposal of Norfolk House, Birmingham
RNS
RNS Number : 3214L
Conygar Investment Company PLC(The)
27 April 2015



For immediate release

27 April 2015

THE CONYGAR INVESTMENT COMPANY PLC

DISPOSAL OF NORFOLK HOUSE, BIRMINGHAM

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment and development group, announces that it has completed on the sale of Norfolk House, Birmingham for a consideration of £12.3 million, a surplus of £1 million or 8.8% over the September 2014 valuation.



This 115,000 square foot freehold office building had just over 19,000 square feet vacant with 51,000 square feet becoming vacant within six months. The current rental income was £915,000 per annum.



Combined with the recent disposal of the 30,000 square foot vacant office building at Geoffrey House, Maidenhead for £4.76 million, the overall portfolio vacancy rate has fallen to 11.8% compared with 18.2% at 30 September 2014.



Robert Ware, Chief Executive of Conygar commented:



"We are pleased to have disposed of Norfolk House at a decent premium whilst also significantly reducing our vacancy rate and associated empty property costs."

27 Apr Liberum Capital 203.00 Buy

Acquisition of Development Site at Cross Hands
RNS
RNS Number : 1165B
Conygar Investment Company PLC(The)
02 October 2015



For immediate release

2 October 2015

THE CONYGAR INVESTMENT COMPANY PLC

ACQUISITION OF DEVELOPMENT SITE AT CROSS HANDS, CARMARTHENSHIRE

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment development group, announces that it has acquired from Sainsbury's Supermarkets Limited a 9.96 acre freehold serviced development site at Cross Hands, South Wales, which has the benefit of a detailed planning consent for a 90,792 gross sq. ft. food store with a 6 pump Petrol Filling Station and 495 car parking spaces.

The site is located in a prominent location with frontage to the A48 (M) - the continuation of the M4 motorway some 16 miles west of Swansea and forms part of a wider comprehensive re-development area of approximately 50 acres which includes a residential development of 240 new homes.

Robert Ware, CEO of Conygar commented:

"We are well aware of the constraints and the time it takes in the current planning framework in order to gain consents of this size and then to put in place all the necessary enabling infrastructure so to acquire as it were an "oven ready" development site is we believe an attractive proposition.

We have already identified occupier demand for a mixed retail scheme which we will now pursue and work towards submitting a revised planning application as soon as possible."

Jumped in today. :-))



ST of IC - The bottom line is that Conygar's shares look seriously undervalued even before factoring in likely positive news from Haverfordwest in the coming months, and the potential for value accretive acquisitions to be made by deploying that bumper cash pile. On a bid-offer spread of 136p to 140p, I rate Conygar shares a value buy and have an initial target price of 180p.

Detailed Planning Consent Granted for Cross Hands

RNS


RNS Number : 7067H

Conygar Investment Company PLC(The)

19 August 2016




19 August 2016

THE CONYGAR INVESTMENT COMPANY PLC

DETAILED PLANNING CONSENT GRANTED FOR CROSS HANDS RETAIL PARK

The Conygar Investment Company PLC ("Conygar") is pleased to announce that it has been granted detailed planning permission by Carmarthenshire County Council for its 9.96 acre development site in Cross Hands, South West Wales.

The fully serviced site was acquired from Sainsbury's in October 2015, with consent for a 90,000 sq ft store and the revised application was submitted in April 2016.

The granted planning consent is for a 106,000 sq ft retail development which will include a mixture of convenience and comparison goods outlets, together with a 562 space car park, 3 food outlets/restaurants and a public house.

The planned development will create the equivalent of 260 full time jobs and over 100 during the construction phase, which Conygar wish to be sourced locally.

Now that consent has been received, construction should commence later in the year and will be funded from Conygar's existing cash resources.

Robert Ware, CEO said: "We are pleased that the plans to develop this retail park have been approved and we will work hard to ensure that construction begins as soon as possible and we can bring the project to fruition. We expect that the development will support and benefit Cross Hands, by creating jobs during the construction phase and also further employment opportunities through the attractive new retail outlets that will be created".

Share Capital Reduction Effective

RNS


RNS Number : 6225I

Conygar Investment Company PLC(The)

01 September 2016






1 September 2016

THE CONYGAR INVESTMENT COMPANY PLC

Share Capital Reduction Effective

The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces that further to its announcement on 29 July 2016, the High Court of England and Wales sanctioned the Company's application to cancel and extinguish the Company's share premium account on 31 August 2016.

The order of the High Court confirming Conygar's cancellation of its share premium account (the "Capital Reduction") and the statement of capital approved by the High Court in connection therewith were registered by the Registrar of Companies on 31 August 2016, whereupon the Capital Reduction became effective.

The Company confirms that, following the Capital Reduction, the total number of ordinary shares of 5 pence each of Conygar remains unchanged at 77,231,435 shares (excluding 22,482,688 shares held as treasury shares).