Business
Placing
Placing.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n RNS Number : 0457Z Conygar Investment Company PLC(The) 15 September 2009 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA, NEW ZEALAND OR THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION (EACH A 'RESTRICTED JURISDICTION') \n\n 15 September 2009\nThe Conygar Investment Company PLC\n('Conygar' or 'the Company')\n\nPlacing to raise at least £60 million\n\nConygar, the property trading and development group, is pleased to announce its intention to raise at least £60 million before expenses through a placing with new and existing investors and certain directors of the Company at a price of 105 pence per share.\n\nThe net proceeds of the Placing will be used to position Conygar to be able to finance and take advantage of new investment opportunities as they arise. Oriel Securities will conduct an accelerated bookbuild, which will be open to Permitted Persons and which is expected to close no later than 4.00 p.m. (London time) on 15 September 2009. Further details of the Bookbuilding are set out below.\n\n\nBackground to and reasons for the Placing\n\nConygar is a property trading and development group dealing primarily in UK property and which intends to continue to invest in property assets and companies that own property assets where the Directors believe an opportunity to create value for shareholders has been identified. Conygar's strategy is to identify under-valued assets that the Directors believe would benefit from the Company's management and financial expertise. As part of the strategy, the Company has recently successfully acquired The Advantage Property Income Trust Limited pursuant to its £28.8 million offer.\n\nThe Company is currently looking at attractive and sizeable opportunities to acquire portfolios of property assets from various parties that fit Conygar's investment profile.\n\nConygar's various banking relationships and strong balance sheet put the Company&nb...