Conygar Investment Company PLC (LON:CIC) today announced Interim Results for the six months ended 31 March 2019
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.”
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 | |
