Business
PRELIMINARY RESULTS
PRELIMINARY RESULTS.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n\n \n21 November 2023\n \nThe information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \nTHE CONYGAR INVESTMENT COMPANY PLC\n \nPRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2023\n \nSUMMARY\n \n· Net asset value (\"NAV\") decreased in the year by £29.5 million to £95.1 million (159.4p per share; 2022: 208.9p per share) primarily as a result of a net £21.5 million write down in the carrying value of the Group's investment properties in addition to a £5.2 million write down in the carrying value of the Group's development site in Holyhead, Anglesey.\n \n· Total cash deposits of £2.7 million (4.5p per share) at the year end and £9.0 million as at 17 November 2023.\n \n· Cash deposits boosted after the year end by the placing in October 2023 of 5 million zero dividend preference shares of £1 each (the \"ZDP shares\") and completion in November 2023 of a £12 million loan facility from A.S.K. Partners Limited. \n \n· Construction progressing well and on budget for the 693 bed student accommodation development at The Island Quarter, Nottingham planned for completion in May 2024.\n \n· £47.5 million facility agreement entered into with Barclays Bank PLC (\"Barclays\") in December 2022, for a maximum term of 3 years, to enable the completion and subsequent letting of the student accommodation development at The Island Quarter, with £18.0 million drawn by 30 September 2023.\n \n· Detailed planning consent granted in May 2023 for a 249,000 square foot bioscience building at The Island Quarter.\n \n· Revised masterplan agreed with Nottingham City Council which, subject to investor and occupier appetite, increases the size of The Island Quarter development up to a maximum of 3.5 million square feet.\n \n· Disposal of the development site at Haverfordwest, Pembrokeshire, for gross...