Conygar Investment Company PLC(The) Sale of Haverfordwest (4291T)
20 March 2023 - 6:00PM
UK Regulatory
TIDMCIC
RNS Number : 4291T
Conygar Investment Company PLC(The)
20 March 2023
The Conygar Investment Company PLC ("Conygar" or the
"Group")
Sale of Haverfordwest
The Conygar Investment Company PLC, the property investment and
development group, announces that, on 17 March 2023, it exchanged
contracts on an unconditional basis to dispose of its development
site at Haverfordwest, Pembrokeshire to The Welsh Ministers and
POBL Homes and Communities Limited for aggregate gross proceeds of
GBP9.65 million. The development site has outline consent for 729
residential units and 90,000 square feet of implemented A1
retail.
Completion of the sale is contracted to occur on 24 March 2023
for net cash proceeds, after sale costs, of GBP9.55 million,
resulting in a profit over carrying value of GBP0.2 million.
The net proceeds are to be utilised primarily in the further
progression of the Group's mixed-use development at The Island
Quarter, Nottingham ("TIQ"). As previously announced, the Group
also intends to raise additional capital through the issue of zero
dividend preference shares to develop TIQ, which may also be used
for further acquisitions of investment properties and in realising
value from the Group's other development projects.
Freddie Jones, Director of Conygar said "We are delighted to
have agreed the sale of Haverfordwest, as part of our plan to focus
our resources on those areas where we expect to see the greatest
returns for our shareholders."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Enquiries:
The Conygar Investment Company PLC
Robert Ware/Freddie Jones
020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Lindley/Jamie Richards/Will King 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers/Will Barker
020 7183 1190
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END
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