Conygar Investment company buys back own shares

The Conygar Investment company plc (LON:CIC) has today announced that, in accordance with the terms of the general authority to make market purchases of its own shares granted to it by shareholders of the Company on 18 December 2020, on 10 May 2021 the Company acquired 250,000 ordinary shares of 5 pence each in the capital of the Company at a price of 119 pence per Share. The acquired Shares will be held in treasury. Liberum Capital Limited completed the acquisition on the Company’s behalf pursuant to the share buy-back programme announced on 1 April 2021.

In conformity with Disclosure Guidance and Transparency Rule 5.6.1A, Conygar advises that, at the date of this announcement, the Company’s issued share capital comprises 52,499,590 Shares (excluding 1,092,000 Shares held as treasury shares). Therefore, the Company’s total number of Shares with voting rights is 52,499,590.  

The above figure of 52,499,590 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, The Conygar Investment company under the FCA’s Disclosure Guidance and Transparency Rules.

The company also provided interim results for the six months ended 31 March 2021.

Summary

·    Net asset value of £86.7 million (164.0p per share).

·    Total cash deposits of £23.9 million (45.3p per share).

·    No debt and no borrowings.

·    Development commenced for the first phase of the mixed-use development at The Island Quarter, Nottingham.

·    Detailed planning applications submitted in January 2021 and May 2021 for the next two phases of The Island Quarter development which include a hotel, to be managed by Intercontinental Hotels Group, residential rental apartments, co-working space and a 702 bed student accommodation scheme.

·    £1.2 million write down in the value of the retail park at Cross Hands, Carmarthenshire as a result of the continuing negative investor sentiment towards this sector.

·    Bought back 0.74 million shares (1.4% of ordinary share capital) at an average price of 109.0p per share.

Group net assets summary as at 31 March 2021

Per share
£’mp
Investment properties42.780.9
Development properties19.536.9
Cash23.945.3
Other0.60.9
Net assets86.7164.0

Robert Ware, Chief Executive of The Conygar Investment Company PLC, commented:

“After 15 months of COVID-19 we expect the country slowly to return to a semblance of normality, boosted by the extraordinary success of the vaccinations. We have no idea how the huge debt hang-over from government intervention will affect the future but we think trends such as working from home and retail moving online will have been accelerated. We continue to stick to what we know. The Island Quarter project at Nottingham has significantly progressed along with the majority of our other assets and we continue to operate with sensible overheads, no debt and cash reserves. We anticipate real progress will be made over the next year.”

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