Business
FISHGUARD WATERFRONT DEVELOPMENT
FISHGUARD WATERFRONT DEVELOPMENT.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n \nRNS Number : 9296C Conygar Investment Company PLC(The) 25 January 2018 \n\n \nFor immediate release\n \n25 January 2018\n \nTHE CONYGAR INVESTMENT COMPANY PLC\n \nFISHGUARD WATERFRONT DEVELOPMENT\n \nThe Conygar Investment Company PLC (\"Conygar\") announces that it is unable to progress its proposals for a mixed-use marina development at Fishguard, West Wales.\n \nOutline planning permission for the development was granted in April 2012, subject to the signing of a S106 Agreement by both Conygar and Stena Line Ports Limited (\"Stena\"), the Fishguard harbour operator. The planning consent gave Conygar permission to construct 253 residential apartments, a publicly-accessible promenade, a public slipway and a visitor centre and Stena to build a substantial platform that would facilitate the potential expansion of the existing port.\n \nConygar has been informed by Stena that they do not wish to have any further involvement in the proposed marina development and do not wish to proceed with the reclamation works of the harbour. Stena state that they are concerned that the marina development will interfere with the operation of the harbour and their ferry operations. They will also not support the promotion of the Harbour Revision Order, which is necessary to progress the development.\n \nStena's withdrawal means that the project cannot proceed.\n \nConygar will therefore write off £2m of incurred costs in the results for the six months ending 31 March 2018. This write off equates to 3 pence per share.\n \nRobert Ware, Chief Executive of Conygar, commented: \n \n\"We are disappointed that after nearly seven years of working in partnership with Stena, they have decided to withdraw their support for the Fishguard Waterfront Development, making it impossible for us to proceed with the plans. \n \nWe firmly believe that the development would have been of significant benefit to the local community and to businesses in and around Fishguard and Goodwick.\"\n \nEnquiries:\n \nThe Conygar Investment Company PLC\nRobert Ware / Ross McCaskill: 020 7258 8670\n \nLiberum Capital Limited (Nominated Adviser and Broker)\nRichard Bootle / Henry Freeman: 020 3100 2222\n \nTemple Bar Advisory (Public Relations)\nAlex Child-Villiers: 0779...