Conygar (CIC) spent much of the year sorting out its assets and progressing with its development arm. In the year to September 2018, it sold its shares in Regional REIT for a book loss of £2.1m, and chalked up £3.2m of write-offs on its ditched mixed-use development at Fishguard and its Llandudno Junction project. The £25.5m raised from the share sale paid for a share buyback equivalent to 10.7 per cent of the ordinary share capital.
Conygar also assumed full control of its previous joint venture at Holyhead waterfront. A number of assets held to provide long-term income attracted “compelling” offers, highlighting the ongoing demand for quality regional assets. Disposals included the M&S food hall at Ashby-de-la-Zouch for £4.5m, while the garden centre being built for B&M Retail will be sold on completion next Autumn for £4.3m. And an 80-bedroom hotel foot planning consent on Anglesey also attracted an offer that will net the company £6.9m.
On the development side, a planning application has been submitted on a 2m square metre mixed-use site in Nottingham city centre, while a lease agreement was exchanged with Lidl to construct a store at its Cross Hands retail park in south west Wales.
| CONYGAR (CIC) | ||||
| ORD PRICE: | 171.5p | MARKET VALUE: | £98m | |
| TOUCH: | 170-173p | 12-MONTH HIGH: | 178p | LOW: 147p |
| DIVIDEND YIELD: | nil | DEVELOPMENT PROPERTIES: | £31.9m | |
| DISCOUNT TO NAV: | 15% | |||
| INVESTMENT PROPERTIES: | £3.57m | NET CASH: | £49.3m | |
| Year to 30 Sep | Net asset value (p) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2014 | 198 | 20.5 | 23.5 | 1.75 |
| 2015 | 203 | 7.8 | 7.7 | 1.75 |
| 2016 | 197 | -4.7 | -6.9 | nil |
| 2017 | 203 | 1.2 | 1.2 | nil |
| 2018 | 201 | -3.8 | -5.7 | nil |
| % change | -1 | - | - | - |
| Ex-div | - | |||
| Payment: | - |
