Conygar Investment Company PLC(The) FISHGUARD WATERFRONT DEVELOPMENT (9296C)
25 January 2018 - 9:54PM
UK Regulatory
TIDMCIC
RNS Number : 9296C
Conygar Investment Company PLC(The)
25 January 2018
For immediate release
25 January 2018
THE CONYGAR INVESTMENT COMPANY PLC
FISHGUARD WATERFRONT DEVELOPMENT
The Conygar Investment Company PLC ("Conygar") announces that it
is unable to progress its proposals for a mixed-use marina
development at Fishguard, West Wales.
Outline planning permission for the development was granted in
April 2012, subject to the signing of a S106 Agreement by both
Conygar and Stena Line Ports Limited ("Stena"), the Fishguard
harbour operator. The planning consent gave Conygar permission to
construct 253 residential apartments, a publicly-accessible
promenade, a public slipway and a visitor centre and Stena to build
a substantial platform that would facilitate the potential
expansion of the existing port.
Conygar has been informed by Stena that they do not wish to have
any further involvement in the proposed marina development and do
not wish to proceed with the reclamation works of the harbour.
Stena state that they are concerned that the marina development
will interfere with the operation of the harbour and their ferry
operations. They will also not support the promotion of the Harbour
Revision Order, which is necessary to progress the development.
Stena's withdrawal means that the project cannot proceed.
Conygar will therefore write off GBP2m of incurred costs in the
results for the six months ending 31 March 2018. This write off
equates to 3 pence per share.
Robert Ware, Chief Executive of Conygar, commented:
"We are disappointed that after nearly seven years of working in
partnership with Stena, they have decided to withdraw their support
for the Fishguard Waterfront Development, making it impossible for
us to proceed with the plans.
We firmly believe that the development would have been of
significant benefit to the local community and to businesses in and
around Fishguard and Goodwick."
Enquiries:
The Conygar Investment Company PLC
Robert Ware / Ross McCaskill: 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Bootle / Henry Freeman: 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFKPDPKBKDNDB
(END) Dow Jones Newswires
January 25, 2018 05:54 ET (10:54 GMT)
Conygar Investment (LSE:CIC)
Historical Stock Chart
From Apr 2024 to May 2024
Conygar Investment (LSE:CIC)
Historical Stock Chart
From May 2023 to May 2024