Conygar Investment Company PLC(The)
30 November 2005
30 November 2005
THE CONYGAR INVESTMENT COMPANY PLC ('CONYGAR')
ACQUISITION OF INTEREST IN MARINA DEVELOPMENT COMPANY
The Board of Conygar is pleased to announce the acquisition of 50 per cent. of
the share capital of Martello Quays Limited ('Martello') for a nominal sum.
Martello, which is a partnership between Conygar, Welsh based developers and
Vinci Project Development Limited, a Vinci PLC subsidiary, has been appointed as
preferred developer by a client group comprising Pembrokeshire County Council,
the Welsh Development Agency, the Crown Estate and The Milford Haven Port
Authority to obtain planning permission and develop an area known as Pembroke
Dock Waterfront. Norwest Construction Limited, another Vinci PLC subsidiary,
has been nominated as the main contractor for the development.
It is anticipated that the planning application, which will be submitted next
year, will include:
250 Houses
200 Apartments
Factory Outlet
Chandlery Shop
Hotel
Five Screen Multiplex Cinema
Pub / Restaurant / Shops
300 Marina Berths
250 Marina Car Park Spaces
Cruise Liner Berth
Conygar has committed to fund the planning application costs which will be met
from existing resources and which are anticipated not to exceed £350,000.
Additional funding and development partners will be introduced as the scheme
progresses. Assuming the planning application is successful, it is anticipated
that the completed development will have an end value estimated to be in excess
of £100 million.
For further information please contact:
The Conygar Investment Company PLC
Robert Ware - 020 7725 0360
Steven Vaughan - 020 7725 0360
The directors of Conygar accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conygar (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.
This information is provided by RNS
The company news service from the London Stock Exchange