Business
Preliminary results
Preliminary results.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n \nRNS Number : 0236Z Conygar Investment Company PLC(The) 12 December 2017 \n\n12 December 2017\n \nTHE CONYGAR INVESTMENT COMPANY PLC\nPRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2017\n \nSUMMARY\n \n· Net asset value per share 203.0p at 30 September 2017 increased by 3.1% from 196.9p at 30 September 2016.\n \n· Disposed of the majority of our investment properties for £129.8 million.\n \n· The disposal crystallised capital gains of £48.2 million realised between 2009 and March 2017 on assets acquired for £113.4 million. Net income before tax of £47.0 million was also received over the same period from these assets.\n \n· Acquired a 37 acre development site in Nottingham city centre for £13.5 million. \n \n· Total cash available for acquisitions and development funding of £37 million and no debt. \n \n· Bought back 10.3 million shares (13.4% of ordinary share capital) at an average price of 165 pence per share. \n \n \nSummary Group Net Assets as at 30 September 2017\n\n\n\n\n\n\n\n\n\n\nPer Share\n\n\n\n\n\n\n\n£'m\n\n\np\n\n\n\n\nProperties and Projects\n\n\n70.9\n\n\n106.0\n\n\n\n\nInvestment in Regional REIT Limited\n\n\n27.6\n\n\n41.3\n\n\n\n\nCash and other net assets\n\n\n37.3\n\n\n55.7\n\n\n\n\nNet Assets\n\n\n135.8\n\n\n203.0\n\n\n\n\n \n \nRobert Ware, Chief Executive, commented:\n \n\"The disposal of the investment property portfolio enables us to concentrate on our goal of maximising the value of the development pipeline. This area of the business will be the main driver of shareholder growth in the medium term.\n \nOur strong balance sheet, with cash reserves and no debt, places us in a good position to take advantage of opportunities as they arise and we will make further acquisitions if it makes sense to do so.\n \nIn the meantime, we will work hard to deliver the projects and investments we currently hold.\"\n \nEnquiries:\n \nThe Conygar Investment Company PLC\nRobert Ware: 020 7258 8670\nRoss McCaskill: &n...