Conygar Investment Company PLC(The) Transfer of Control of Joint Venture (1040P)
24 May 2018 - 4:01PM
UK Regulatory
TIDMCIC
RNS Number : 1040P
Conygar Investment Company PLC(The)
24 May 2018
For immediate release
24 May 2018
THE CONYGAR INVESTMENT COMPANY PLC
TRANSFER OF CONTROL OF THE JOINT VENTURE AT HOLYEAD
WATERFRONT
The Conygar Investment Company PLC ("Conygar", the "Company" or
"Group"), the property investment and development group, announces
that it has agreed with its partner, Stena Line Ports Limited
("Stena"), to take 100% control of its joint venture development
project at Holyhead Waterfront.
The transaction enables Conygar to progress with the scheme as
planned and the Company will work towards obtaining detailed
planning permission in the coming months. As part of the
transaction, the joint venture company, Conygar Stena Line Limited,
has granted 999 year leases to Stena of the platform at Soldier's
Quay, which is not required for the waterfront development, and a
warehouse which is situated at Soldier's Point and is currently
used by Stena. Conygar has a right to call for a sublease if this
warehouse is required for the waterfront development in the
future.
As part of the transaction, Stena has repaid GBP2.5 million to
Conygar, which is Stena's 50% share of a loan the Group made to the
joint venture company. As consideration for the sale of its shares
in the joint venture company, Stena has received GBP1 and will
receive 20% of the profit after tax of the development once it has
completed. For the year ended 30 September 2017, the joint venture
company made a loss before tax of GBP163,762 and had net current
assets of GBP4,372,887.
Robert Ware, Chief Executive of Conygar commented:
"We are pleased to gain full control of this development project
and at the same time still receive the support of Stena Line, who
are keen for the project to progress. We and Stena see the
considerable economic and social benefits the development will
bring to the community of Holyhead and we look forward to
delivering the project in the coming years."
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Ross McCaskill: 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Bootle: 020 3100 2222
Henry Freeman: 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
Will Barker: 020 7002 1080
This announcement is released by The Conygar Investment Company
PLC and contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 (MAR), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Ross McCaskill, Finance Director.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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