TIDMCIC
RNS Number : 0497S
Conygar Investment Company PLC(The)
16 December 2016
15 December 2016
THE CONYGAR INVESTMENT COMPANY PLC
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2016
The Conygar Investment Company PLC, announces its results for
the year ended 30 September 2016.
SUMMARY
-- Net asset value per share 196.9p at 30 September 2016
decreased by 3.2% from 203.3p at 30 September 2015 due to the write
off of our investment at Pembroke Dock. EPRA NAV per share
decreased by 3.1% to 196.9p from 203.2p.
-- Acquired a 9.96 acre site from Sainsbury's at Cross Hands,
west of Swansea, for GBP2.25 million, and the 203 acre freehold of
the former gas storage facility near Rhosgoch, Anglesey, for GBP3
million.
-- The development pipeline is advancing. At Haverfordwest,
infrastructure works have completed, and at Cross Hands detailed
planning consent has been granted and construction started. We
continue to progress the approvals for the other projects.
-- In April 2016, completed the refinancing of three portfolios
with a new GBP48.1 million facility with Lloyds Bank, releasing
GBP21 million after repayment of the two existing loans.
-- In December 2016, completed the refinancing of the Edinmore
portfolio and Mochdre Commerce Park with a new GBP21.4 million
facility with HSBC Bank, releasing GBP13 million after repayment of
the existing loan.
-- Total cash available for acquisitions and development funding
of GBP64 million. Net debt of GBP27.2 million as at 30 September
2016, representing gearing of 17.9% against net asset value and
20.8% on loan to value basis. Post the HSBC refinancing, net debt
of GBP27.8 million, representing gearing of 18.3% against net asset
value and 21.3% on loan to value basis.
-- Investment property portfolio valuation of GBP130.7 million
at 30 September 2016, an increase of GBP1.0 million on a like for
like basis. Our average unexpired lease length has risen from 4.8
years at 30 September 2015 to 5.8 years at the year end and this
reflects a number of new leases and renewals which have been agreed
over the past year.
-- Disposed of four investment properties in the year for a
total consideration of GBP7.0 million, a deficit of GBP0.3 million
to the September 2015 valuation after costs.
-- Bought back 5.3 million shares (6.4% of ordinary share
capital) at an average price of 167 pence per share.
Summary Group Net Assets As At 30 September 2016
Per Share
GBP'm p
Investment Properties 130.7 169.2
Investment Properties
Under Construction 9.5 12.3
Development Projects 40.7 52.8
Cash 63.7 82.5
Other Net Liabilities (2.7) (3.5)
------- ----------
241.9 313.3
Bank Loans (55.5) (71.9)
ZDP Liability (34.4) (44.5)
152.0 196.9
======= ==========
Robert Ware, Chief Executive, commented:
"Despite the current political and economic uncertainties, our
investment property portfolio has performed well and we expect this
to continue in the short to medium term. At the same time, we are
pushing the development projects forward and we anticipate that
construction work will begin at a number of the sites this year in
addition to the ongoing works at Cross Hands. We see the
development pipeline as the main driver of shareholder growth in
the medium term and this will be a major focus for the Group 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)
Richard Bootle: 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
Will Barker: 020 7002 1080
Chairman's & Chief Executive's Statement
Results
We present the Group's results for the year ended 30 September
2016.
Net asset value per share decreased by 3.2% to 196.9p from
203.3p last year and to 196.9p (2015: 203.2p) on an EPRA basis. The
reason for this fall was the write off of our investment at
Pembroke Dock which amounts to GBP4.8 million or 6.2p per share.
This was a difficult decision but we felt that it was necessary
given the problems we have faced at this site over the past year
and these issues are discussed in detail within the developments
section of the Strategic Report. All other parts of the business
have performed as expected and the loss for the year before
taxation was GBP4.7 million (2015: GBP7.8 million profit).
Net asset value as at 30 September 2016 was GBP152.0 million
compared with GBP167.8 million at 30 September 2015. During the
year, the Group spent GBP8.9 million on share buy backs and paid a
dividend of GBP1.4 million and excluding these, the net asset value
decreased by 3.3%, which is attributable to the loss for the
year.
The Group's investment properties as at 30 September 2016 were
independently valued at GBP130.7 million (2015: GBP133.2 million),
an increase in the valuation of GBP1m for the year on a like for
like basis. This modest uplift does not truly reflect the
performance of the portfolio in the year as it includes a GBP3
million fall in the value of our building in Aberdeen. As has been
well publicised, the Aberdeen market has been hit hard by the
crisis in the oil industry and this is reflected in the valuation.
If we exclude Aberdeen, the investment property portfolio rose in
value by 3.5% in the year on a like for like basis and this is a
result of very positive letting activity across the portfolio
during the period.
The Group had cash balances of GBP63.7 million (2015: GBP57.4
million) at the year end and bank debt of GBP56.4 million (2015:
GBP38.2 million). Including the zero dividend preference share
liability of GBP34.4 million (2015: GBP32.5 million), our net
gearing is 17.9% or 20.8% on a loan to value basis.
Although the fall in net asset value per share is disappointing,
the Group is well placed to deliver the other development projects
and the balance sheet remains robust.
Progress
Development Projects
Two development sites were acquired during the year. The first
is a 9.96 acre freehold serviced development site acquired from
Sainsbury's at Cross Hands, west of Swansea, for GBP2.25 million
plus an overage provision. In April 2016, a planning application
was submitted to Carmarthenshire Council for a 106,000 square foot
retail development, along with a 562 space car park, to include a
family pub and restaurant, food stores, a drive-through restaurant
and other retail stores. The detailed planning consent was granted
in September 2016 and construction work has now begun.
The second site was acquired in October 2015, and is the
freehold of the former gas storage facility site near Rhosgoch,
Anglesey, at a cost of GBP3 million. This 203 acre brownfield site
is situated 6.5 miles from the existing and proposed Wylfa Nuclear
Power Station. We have agreed an option agreement with Horizon
Nuclear Power over the entire site and we hope that this site will
be used to house temporary workers who will be employed to
construct the new power station.
In May 2016, the group submitted a planning application on its
development site at Nottingham Road, Ashby-de-la-Zouch, for a Marks
& Spencer "Food Hall", measuring approximately 11,000 square
feet with associated parking services and landscaping. We expect to
hear the outcome of the application shortly and we will commence
construction almost immediately, should planning permission be
granted. There are another two acres available for development at
the site and discussions are ongoing with potential occupiers of
the remaining land.
Investment Property Portfolio
There have been a number of significant lettings and lease
renewals which have been agreed during the year.
At Mochdre Commerce Park, an industrial estate strategically
located in Colwyn Bay, North Wales, adjoining the A55 expressway,
midway between Holyhead and Chester, a lease was signed by Conwy
County Council for 60,000 square feet of industrial space and 3.2
acres of open storage land on a 35 year lease, with a first break
at year 15 and an initial rent of GBP240,000 per annum. This
letting along with another 20 year lease to a biotech company for
approximately 35,000 square feet has resulted in a significant
increase in the value of this asset as at 30 September 2016.
A crucial reletting was also achieved after the period end at
Kelvin Close, Warrington where Hewlett Packard has agreed to extend
their lease by 5 years at an improved rent. This, along with the
lettings at Mochdre, are good examples of how the letting market
has remained strong in the period leading up to and following the
EU referendum and this is the picture we have seen across the
majority of the UK. In Scotland, a market which is struggling, we
have let Watt Place, Hamilton, an industrial building of 33,000
square feet to Napier University at a very competitive rent. During
the year we also let a unit at Kingscourt Leisure Centre in Dundee
to Domino's Pizza, which we believe is their largest unit in the
UK. The Dundee market has been a particularly difficult one since
the financial crash of 2008 and the unit in question had been
vacant since construction, which was some time before our
ownership. This letting, which might appear overdue, is another
example of the team's efforts and this is reflected in the increase
in the portfolio valuation as at 30 September 2016.
As mentioned above, our asset in Aberdeen has been written down
heavily in the year. There is a considerable amount of office space
available in and around the city and with only one year's income
left on the current lease, we will continue to work hard to replace
the tenant who has already vacated the building. Fortunately, our
exposure to Aberdeen was greatly reduced during the year ended 30
September 2014 when we sold two buildings there for a consideration
of GBP15.5 million, which was a significant surplus to our book
cost and GBP1.24 million over the previous valuation in September
2013.
The refurbishment at Brennan House, Farnborough and the Links,
Warrington, have now completed and the initial feedback from the
marketing process is positive and we expect to announce lettings at
both locations in our next update.
The contracted annual rent roll of the portfolio was GBP9.7
million as at 30 September 2016, which is only GBP0.1 million lower
than at 30 September 2015, despite the disposals in the year. We
continue to work hard at letting vacant space, retaining tenants
and pushing down irrecoverable property costs. Our average
unexpired lease length has risen from 4.8 years to 5.8 years at 30
September 2016 and this reflects a number of new leases and
renewals which have been agreed over the past year. We made four
disposals in the year for a gross consideration of GBP7.0 million,
which was GBP0.3 million lower than the 2015 valuation after
costs.
Financing
The Group's loan facilities secured on the investment property
portfolio have been fully refinanced since the start of 2016.
In April 2016, the Group completed a new five year GBP48.1
million loan with Lloyds Bank PLC, Jersey Branch, which replaced
the two facilities we held with the Royal Bank of Scotland PLC. The
interest cost was reduced from 3% and 3.5% per annum margin plus 3
month LIBOR to 1.9% margin plus Bank of England Base Rate and this
refinancing also released GBP21 million to pursue other projects
after repayment of the RBS loans.
On 2 December 2016, following the financial year end, the Group
also completed a GBP21.4 million 5 year loan with HSBC Bank PLC.
This loan replaced the previous loan facility held with Barclays
Bank PLC and the interest cost has been reduced from 3.5% per annum
margin plus 3 month LIBOR to 2.15% per annum margin plus 3 month
LIBOR and has also released an additional GBP13 million after
repayment of the Barclays loan.
The weighted average cost of debt is 2.26% per annum at the time
of writing and we are set to benefit from a continuation of a low
interest rate environment.
Dividend
The Board recommends that no final dividend is declared in
respect of the year ended 30 September 2016 due to the loss which
arose in the year. Your Board will continue to review the dividend
payments annually. More information on the Group's dividend policy
can be found within the Strategic Report.
Share Buy Back
During the year, the Group acquired 5,299,819 ordinary shares
representing 6.4% of its ordinary share capital, at an average a
price of 167.4p per share. This cost GBP8.9m and, as a result of
the buy backs, net asset value per share has been enhanced by 2.5
pence per share. Following the year end, and the cancellation of
the share premium account on 31 August 2016, the Group has acquired
a further 5,070,000 ordinary shares representing 6.1% of its
ordinary share capital at an average price of 155.4p per share.
This cost GBP7.9 million and has enhanced net asset value per share
by 2.9 pence per share. The Group will seek to renew the buy back
authority at the forthcoming AGM because we consider it to be a
useful capital management tool.
Outlook
Despite the current political and economic uncertainties, our
investment property portfolio has performed well and we expect this
to continue in the short to medium term. At the same time, we are
pushing the development projects forward and we anticipate that
construction work will begin at a number of the sites this year in
addition to the ongoing works at Cross Hands. We see the
development pipeline as the main driver of shareholder growth in
the medium term and this will be a major focus for the Group in the
coming years.
The refinancings, which have completed during the calendar year,
mean that we are well funded for the medium term and the
significant cash balances we hold will enable us to move quickly
should worthwhile opportunities arise.
N J Hamway R T E Ware
Chairman Chief Executive
Strategic Report
The Group's Strategic Report provides a review of the business
for the financial year; discusses the Group's financial position at
the year end and explains the principal risks and uncertainties
facing the business and how we manage those risks. We also outline
the Group's business model and strategy.
Strategy and Business Model
Conygar is an AIM quoted property investment and development
group dealing primarily in UK property. Our aim is to invest in
property assets and companies where we can add significant value
using our property management, development and transaction
structuring skills.
The business operates two major strands being the property
investment side and the development project side. The investment
property portfolio generates surplus cash flow while at the same
time we are creating a pipeline of development projects that are
well positioned to deliver good returns in the medium term. We
continue to focus upon positive cash flow and to use modest levels
of gearing to enhance returns. Assets are recycled to release
capital as opportunities present themselves and we will continue to
buy back shares where appropriate. The Group is content to hold
cash and adopt a patient strategy unless there is a compelling
reason to invest.
Position of the Company at the year end
Despite the write down of the investment at Pembroke Dock in the
year, the Group is in a strong position at the year end with
significant underlying earnings, positive cash flow and investment
property values that have increased by 3.5% during the year,
excluding our asset in Aberdeen. The development pipeline is
progressing and construction is about to start at several more
locations this year. The balance sheet remains strong with cash of
GBP63.7 million and total debt of GBP90.9 million, giving net
gearing of 17.9%. The Group has adequate resources to maintain and
develop its business and the balance sheet remains both liquid and
robust.
Events since the balance sheet date
There were no significant events since the balance sheet date
apart from the refinancing with HSBC and the share buy backs, both
of which are referred to in the Chairman's and Chief Executive's
Statement, and the option agreements completed with Horizon Nuclear
Power at Rhosgoch and Parc Cybi.
Summary of Group Net Assets
The Group net assets as at 30 September 2016 may be summarised
as follows:
Per Share
GBP'm p
Investment Properties 130.7 169.2
Investment Properties
Under Construction 9.5 12.3
Development Projects 40.7 52.8
Cash 63.7 82.5
Other Net Liabilities (2.7) (3.5)
------- ----------
241.9 313.3
Bank Loans (55.5) (71.9)
ZDP Liability (34.4) (44.5)
152.0 196.9
======= ==========
Investment properties
Summary of portfolio
2016 2015
Valuation at 30 September GBP130.7 GBP133.2
million million
Number of properties 32 36
Contracted rent (pa) GBP9.7 GBP9.8
million million
Current ERV (pa) GBP11.6 GBP11.9
million million
Net initial yield 6.2% 7.16%
Equivalent yield 8.02% 8.02%
Reversionary yield 8.39% 8.35%
ERV of vacant units (pa) GBP2.0 GBP1.7
million million
Vacancy rate 17.1% 14.1%
Average unexpired lease lengths 5.8 years 4.8 years
Asset management
At 30 September 2016, the contracted rent for the investment
property portfolio was GBP9.7 million with an ERV of GBP11.6
million. The overall vacancy rate in the portfolio is currently
17.1% which is a rise from 14.1% last year. This increase is due to
a number of refurbishments that have taken place during the year.
If we exclude our assets at Farnborough and the Links, Warrington,
both of which have recently been refurbished, and our asset at
Mochdre, the vacancy rate falls to 6.9%. The average unexpired
lease length is 5.8 years compared to 4.8 years at 30 September
2015. This is positive and a reflection of the new leases being
signed across the portfolio.
In spite of the market slowdown and continuing uncertainty
caused to the UK property market by the EU referendum, there has
been good progress on a variety of asset management initiatives
across the portfolio. Outside the central London office market and
parts of Scotland, occupier confidence seems to have held firm and
rental values are looking buoyant across the regional market.
During the summer of 2016, we completed the refurbishment of
Brennan House in Farnborough where approximately GBP2.5 million was
spent to create a very high quality product. We also refurbished
two properties at the Links, Warrington for a cost of GBP1 million.
These properties together make up a large proportion of the vacant
space and so we hope to substantially reduce the vacancy rate over
the coming year. We currently have serious interest at Farnborough
reflecting a higher rental level than our original appraisals and
hope to have some positive news soon.
At Mochdre Commerce Park, Colwyn Bay, we have signed a lease
with the council for a 35 year term on 60,000 square feet in
addition to 3.2 acres of open storage land. We have also signed a
20 year lease on another circa 35,000 square feet to a biotech
company. The new rental income for these two leases is GBP395,000
per annum. We are in discussions with a number of parties about the
remaining space which represents the other large portion of the
vacancy rate.
We continue to maintain good contact with our tenants and work
hard to minimise irrecoverable costs and voids. At Ashby de la
Zouch we have agreed a new ten year lease with GE at an improved
rent and have agreed terms with Marks and Spencer for a "Food Hall"
of circa 11,000 square feet. The planning application for this
development has been submitted and we hope to be on site early next
year.
We have agreed a number of other lease extensions this year,
including one at Warrington with Hewlett Packard, where we have
agreed a new five-year lease at a higher rent. There have also been
renewals at a number of other
locations such as Dundee, Stratford-upon-Avon and Bletchley. A
large portion of our vacancy rate is explained by newly refurbished
space and we will be working hard both to reduce that figure and
boost the contracted rent over the coming year.
Disposals
The Group disposed of four properties during the year, at
Horsham, Hinckley, Runcorn and Brighouse for a total consideration
of GBP7.0 million. We will continue to dispose of assets where we
feel we can add no further value or if there is a compelling reason
to do so.
Valuation
The investment property portfolio has been independently valued
by Jones Lang LaSalle at GBP130.7 million as at 30 September 2016.
There was a substantial fall in value at Aberdeen, which has
suffered badly from a decrease in oil prices. We had previously
disposed of the other two units at a surplus of GBP1.24 million to
the 2013 valuation and will continue to mitigate the risks to the
asset as best as we can.
Despite the decline at Aberdeen, the investment property
portfolio increased in value reflecting asset management
initiatives which have both protected and increased rental income.
Assets such as ours continue to require active management to
protect value and it is pleasing to see this work rewarded through
valuation increases despite the wider market uncertainty.
Capital Expenditure
We incurred GBP3.7 million of capital expenditure during the
year, which was fully financed from our existing cash resources.
There will always be a level of refurbishment work required
throughout a portfolio of this nature, though as at 30 September
2016, the Group had no contractual related capital expenditure
commitments in excess of GBP1,000,000.
Development Projects and Investment Properties Under
Construction
Progress has been made on most of our development projects since
we last reported.
Haverfordwest
The substantial infrastructure works to service the 729
residential units and the 9.6 acre retail site were completed on
budget at a cost of GBP3.7m. Two planning applications were
submitted simultaneously in June 2016 for 100,000 square feet of
retail units, a hotel, a 5 screen cinema and 602 car parking
spaces. The applications are currently with Pembrokeshire County
Council and we look towards an early determination of the plans in
the New Year. We are also in advanced negotiations with a
housebuilder for the first phase of the residential development,
which we are looking to bring forward next year.
Cross Hands
In April 2016, we submitted a detailed planning application for
a 106,000 square foot retail development in Cross Hands, South West
Wales. Planning permission was achieved in September and we have
appointed a contractor to deliver the first phase of the scheme,
who has commenced works. Running in parallel, we are progressing
legal agreements with a number of national retailers and will have
completed the first phase of the development by October 2017.
Fishguard Harbour
The detailed planning (First Reserved Matters) and marine
licence applications, necessary to facilitate the development
platform, marina basin and port expansion area, were submitted in
January this year. In November 2016, the Phasing Plan for the
marina and residential development was approved by Pembrokeshire
County Council's planning committee and we envisage that the First
Reserved Matters application will be considered early in the New
Year. In terms of the marine licence, all the necessary information
has been provided to Natural Resources Wales and we are awaiting
release of the formal consent.
Working in association with Stena Line, we have prepared a draft
Harbour Revision Order and this should be submitted to the Marine
Management Organisation early in the New Year. Once this order has
been processed and formalised, we will have successfully negotiated
all of the statutory consenting processes necessary to commence
construction of the project. Once the enabling infrastructure works
are underway, we will be turning our attention to the detailed
design and subsequent Reserved Matters applications for all the
residential development and buildings relating to the operation of
the commercial marina.
Pembroke Dock
We have sadly decided to withdraw from this project and write
off our total investment of GBP4.8 million. Having commissioned a
detailed feasibility study, the results unfortunately concluded
that the cost of constructing the marina would be considerably
greater than our first investigation showed (mainly due to the
seabed analysis and the resulting lock structure and outer wall
that is now needed). Our initial estimates were for the marina to
cost GBP8 million, and unfortunately that figure has now risen to
over GBP17 million, which means that it is not viable.
The land based element at Pembroke Dock had been progressed in
tandem and that is viable. We have attracted a number of
substantial retailers to the site and the scheme would improve the
environment and create considerable employment. However, our
contract with the client group, which consists of Pembrokeshire
County Council, Milford Haven Port Authority, the Crown Estate and
the Welsh Assembly Government, is dependent on the marina being
built by 2022. We have met the Council in an attempt to separate
the land development from the marina and disappointingly, they have
refused to agree to this. Hence our decision to write off our total
investment.
Holyhead Waterfront
Earlier this year, Ynys Mon County Council (YMCC) decided to
hold a public inquiry to consider the Town & Village Green
Application received on behalf of the Waterfront Action Group. This
was held in October 2016 and the Inspector was tasked with
producing his report by the end of November 2016. YMCC will take
the Inspector's report to its planning committee with a view to
accepting or rejecting the recommendations contained therein. We
are confident that the Inspector will recommend that the
Registration Authority (YMCC) reject the application, which
presently stands as an impediment to the implementation of the
Waterfront project. Discussions are ongoing with various parties
some of whom are involved in the Wylfa Newydd project, in respect
of providing both residential accommodation and the use of our
marine facilities at Soldiers Point.
Parc Cybi Business Park, Holyhead
We have agreed, subject to planning, with a national operator,
to construct an 80 bedroom hotel on our 3 acre gateway plot. We
hope to progress this new project over the coming year. The
truckstop, a joint venture with Fred Done, the founder and owner of
Betfred, has improved trading month on month and is now averaging
over 140 trucks, 3 evenings per week.
We have signed an option agreement with Horizon Nuclear Power
(HNP) whereby they can instruct us to construct a logistics centre
on a 6.9 acre site for their use in facilitating the new Wylfa B
Nuclear power station. The option runs until December 2022.
Rhosgoch
We have also signed an option agreement with HNP over our entire
203 acre site running until December 2022. Rhosgoch is one of
several sites that HNP are considering as a location for housing
the temporary construction workers.
Llandudno Junction
In May 2016, Conwy County Borough Council approved our outline
planning application for 90,000 sq ft of retail floor space.
Working in partnership with the Council, we are now marketing the
property with a view to optimising this excellent retail
opportunity. Again, we are confident that this project will come
forward over the coming year.
King's Lynn, Norfolk
This is a six acre residential development site with planning
permission for 94 dwellings near to King's Lynn, Norfolk. We have
exchanged contracts to sell the site, subject to planning, at book
value.
Summary of Development Projects
The expenditure in the year on our development land bank
amounted to GBP1.37 million which was offset by a GBP2.35 million
reimbursement of retention funds from Pembrokeshire County Council
following completion of the infrastructure works at Haverfordwest.
Our total investment to date, after writing off the costs incurred
on Pembroke Dock as explained in the Chairman's and Chief
Executive's statement, is now GBP40.82 million (analysed below) or
52.8p per share. We will continue to progress these projects in a
risk-averse manner and to avoid any speculative development. In
spite of Pembroke Dock, we have had good successes in securing
planning consents and several of the projects are beginning to
advance.
It is our intention to deliver schemes comprising circa 1,300
homes (of which 579 are waterside), 846 marina berths and in excess
of 400,000 square feet of commercial and retail development.
As previously stated, it is our intention once the individual
projects are significantly advanced to introduce third party
valuations as soon as it is practical to do so. We remain confident
that there is significant upside in these projects which will
become evident over the medium term.
2016 2015
GBP'm GBP'm
Haverfordwest 22.18 23.91
Holyhead Waterfront 10.31 10.19
Parc Cybi, Holyhead 4.79 4.59
Fishguard Waterfront 1.52 1.36
Fishguard Lorry
Stop 0.54 0.54
King's Lynn 0.87 0.85
Llandudno Junction 0.61 0.43
Other - 0.07
Pembroke Dock
Waterfront - 4.68
Total investment
to date 40.82 46.62
====== ======
Financial review
Net Asset Value
The net asset value at the year end was GBP152.0 million (2015:
GBP167.8 million). The primary movements were GBP4.9 million net
rental income plus a GBP1.0 million increase in the value of the
investment properties offset by GBP6.6 million of finance and
administrative costs, GBP4.8 million to write off Pembroke Dock
development costs, and GBP8.9 million spent on purchasing our own
shares. Excluding the amounts incurred purchasing Conygar shares
and paying dividends, net asset value decreased by 3.3% in the
year.
On an EPRA basis, the net asset value is:
2016 2015 2014 2013 2012
GBP'm GBP'm GBP'm GBP'm GBP'm
Net asset value 152.0 167.8 169.4 155.1 154.0
Share options 4.1 4.1 8.1 - -
------- ------- ------- ------- -------
Diluted net asset
value 156.1 171.9 177.5 155.1 154.0
Fair value of hedging
instruments - - (0.4) 0.2 0.9
------- ------- ------- ------- -------
EPRA net asset value 156.1 177.9 177.1 155.3 154.9
======= ======= ======= ======= =======
EPRA NAV per share 196.9p 203.2p 195.9p 174.9p 166.9p
======= ======= ======= ======= =======
Basic NAV per share 196.9p 203.3p 197.5p 174.6p 165.9p
======= ======= ======= ======= =======
Diluted NAV per share 196.9p 203.3p 196.3p 174.6p 165.9p
======= ======= ======= ======= =======
The EPRA net asset value is calculated on a fully diluted basis
and excludes the impact of hedging instruments as these are held
for long term benefit and not expected to crystallise at the
balance sheet date.
The NNNAV or "triple net asset value" is the net asset value
taking into account asset revaluations, the mark to market costs of
debt and hedging instruments and any associated tax effect. Our
investment properties are carried on our balance sheet at
independent valuation. Our development and trading assets are
carried at the lower of cost and net realisable value. We have not
sought to value these assets as, in our opinion, they are at too
early a stage in their development to provide a meaningful figure,
so cost is equated to fair value for these purposes. On this basis,
there is no material difference between our stated net asset value
and NNNAV.
Revaluation
The Group's investment properties were independently valued by
Jones Lang LaSalle as at 30 September 2016. In their opinion, the
open market value of the investment property portfolio was GBP130.7
million. The total portfolio increased in value by GBP1.0m over the
year on a like for like basis.
Cash flow
The Group generated GBP2.5 million cash from operating
activities (2015: used GBP12.9 million).
The primary cash inflows in the year were GBP6.8 million from
the sale of investment properties and GBP47.1 million (net of
costs) from the new Lloyds debt. These were partly offset by cash
outflows of GBP9.8 million to acquire and refurbish investment
properties, GBP29.8 million to repay RBS debt and GBP8.9 million to
buy back shares, resulting in a net cash inflow of GBP6.3 million
during the year.
Net Income From Property Activities
2016 2015
GBP'm GBP'm
Rental income 9.4 11.4
Direct property costs (2.9) (2.9)
------ -------
Rental surplus 6.5 8.5
------ -------
Sale of investment properties 7.0 31.3
Cost of investment properties
sold (7.3) (28.9)
------ -------
(Loss)/gain on sale of
investment properties (0.3) 2.4
------ -------
Total net income arising
from property activities 6.2 10.9
====== =======
Administrative Expenses
The administrative expenses for the year ended 30 September 2016
were GBP2.4 million compared with GBP1.5 million the previous year.
The primary reason for this increase is the reversal in the prior
year of 20% of the 2014 profit share which the remuneration
committee decided would not be paid and therefore administrative
expenses were credited with GBP1.75m.
Financing
At 30 September 2016, the Group had cash of GBP63.7 million. The
bank debt at 30 September 2016 was GBP56.4 million and the zero
dividend preference shares liability is GBP34.4 million. The
gearing is 17.9% and loan to value is 20.8% including cash.
The interest rate risk on the facility continues to be managed
by way of interest rate caps and the fair value of these derivative
financial instruments is provided for in full on the balance sheet.
The weighted average cost of all debt including margin is 2.4% and
as at 30 September 2016, 66% (2015: 100%) of the Group's bank
borrowings were hedged.
The finance costs for the year amounted to GBP4.1 million (2015:
GBP4.4 million), primarily consisting of GBP1.6 million bank loan
interest (2015: GBP2.0 million) and interest payable on the zero
dividend preference shares of GBP1.8 million (2015: GBP1.7
million). Finance income amounted to GBP0.3 million (2015: GBP0.2
million) reflecting the low returns on short term cash deposits. As
a matter of policy, the Group retains instant access to all cash
deposits so it is readily available for use in the business.
As at 30 September 2016, TAPP Property Limited, TOPP Property
Limited, TOPP Bletchley Limited, Lamont Property Acquisition
(Jersey) I Limited, Lamont Property Acquisition (Jersey) II Limited
and Lamont Property Acquisition (Jersey) IV Limited ("the
borrowers") jointly maintained a facility with Lloyds Bank, Jersey
of GBP48,100,000 (2015: GBPnil) under which GBP48,100,000 (2015:
GBPnil) had been drawn down. This facility is repayable on or
before 27 April 2021 and is secured by fixed and floating charges
over the assets of the borrowers. The facility is subject to a
maximum loan to value covenant of 65%, a historical interest cover
ratio covenant of 200% and a historical debt service cover ratio of
110%.
On 28 April 2016, TAPP Property and TOPP Property repaid the
outstanding balances of their facilities with the Royal Bank of
Scotland PLC of GBP25,931,000 (2015: GBP29,816,000).
As at 30 September 2016, Conygar Dundee Limited, Conygar Hanover
Street Limited, Conygar Stafford Limited and Conygar St Helens
Limited jointly maintained a facility with Barclays Bank PLC of up
to GBP8,335,000 (2015: GBP8,335,000) of which GBP8,335,000 (2015:
GBP8,335,000) had been drawn down. This facility was repayable on
or before 21 November 2016 and was secured by fixed and floating
charges over the assets of Conygar Dundee Limited, Conygar Hanover
Street Limited, Conygar Stafford Limited and Conygar St Helens
Limited. The facility was subject to a maximum loan to value
covenant of 52% (2015: 52%) and an interest cover ratio covenant of
225%. As set out in the Chairman's and Chief Executive's statement,
the loan was repaid in full on 26 October 2016.
Taxation
The tax charge for the year is GBP0.7 million on the pre-tax
loss of GBP4.7 million. Tax is payable at the full UK corporation
tax rate of 20.0% on net rental income after deduction of finance
costs and administrative expenses. Deferred taxation has been
recognised in the year in respect of the increase in value of the
investment properties held by subsidiaries registered in the United
Kingdom and this amounts to GBP1.9 million.
Capital management
Capital Risk Management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.
While the Group does not have a formally approved gearing ratio,
the objective above is actively managed through the direct linkage
of borrowings to specific property. The Group seeks to ensure that
secured borrowing stays within agreed covenants with external
lenders.
Treasury Policies
The objective of the Group's treasury policies is to manage the
Group's financial risk, secure cost effective funding for the
Group's operations and to minimise the adverse effects of
fluctuations in the financial markets on the value of the Group's
financial assets and liabilities, on reported profitability and on
the cash flows of the Group.
The Group finances its activities with a combination of bank
loans (GBP56.4 million), cash and short term deposits (GBP63.7
million). Other financial assets and liabilities, such as trade
receivables and trade payables, arise directly from the Group's
operations. The Group may also enter into derivative transactions
to manage the interest rate risk arising from the Group's
operations and its sources of finance. Derivative instruments may
be used to change the economic characteristics of financial
instruments in accordance with the Group's treasury policies.
Interest
rate caps amount to an economic hedge of between GBP36.1 million
and GBP37.0 million (2015: GBP55.6 million) of the total loan
drawdowns of GBP56.4 million (2015: GBP38.2 million) for cashflows
to 27 April 2021, but no hedge accounting is used.
The management of cash and similar instruments is monitored
weekly with summary cash statements produced on a fortnightly basis
and discussed regularly in management and Board meetings. The
overall aim is to provide sufficient liquidity to meet the
requirements of the business in terms of funding developments and
potential acquisitions. Surplus funds are invested with a broad
range of institutions with a range of maturities up to a maximum of
180 days. At any point in time, at least half of the Group's cash
is held on instant access or short term deposit of less than 30
days.
Dividend policy
The Board recommends that no dividend is paid in respect of the
year ended 30 September 2016.
Our dividend policy is consistent with the overall strategy of
the business: namely to invest in property assets and companies
where we can add significant value using our property management,
development and transaction structuring skills.
Over the past seven years we have used the surplus cash flow
from the investment property portfolio to enhance these properties
by refurbishment, re-letting and extending tenancies, fund the
operation of the business, create a medium term pipeline of
development opportunities, pay a modest dividend and buy back
shares where appropriate.
Given that the Group has not made a profit for the year ended 30
September 2016, the Board recommends that no dividend should be
declared for this period. The Board will continue to review our
dividend policy each year. Our focus is, and will continue to be,
primarily growth in net asset value per share.
Share buy backs
During the year, the Group acquired 5,299,819 ordinary shares at
an average price of 167.4p which represents 6.4% of its ordinary
share capital. This cost GBP8.9 million and net asset value per
share has been enhanced by approximately 2.5 pence per share. The
Group will seek to renew the buy back authority at the forthcoming
AGM and will continue to utilise it as and when it makes sense to
do so.
Principal risks and uncertainties
Managing risk is an integral element of the Group's management
activities and a considerable amount of time is spent assessing and
managing risks to the business. Responsibility for risk management
rests with the Board, with external advisers used where
necessary.
Strategic risks
Strategic risks are risks arising from an inappropriate strategy
or through flawed execution of a strategy. By definition,
strategies tend to be longer term than most other risks and, as has
been amply demonstrated in the last few years, the economic and
wider environment can alter quickly and significantly. Strategic
risks identified include global or national events, regulatory and
legal changes, market or sector changes and key staff
retention.
The Board devotes a considerable amount of time and resource to
continually monitoring and discussing the environment in which we
operate and the potential impacts upon the Group. We are confident
we have sufficiently high calibre directors and managers to manage
strategic risks.
We are content that the Group has the right approach toward
strategy and our financial performance, strong balance sheet and
the expansion of the business during a difficult economic period
are good evidence of that.
Operational risks
Operational risks are essentially those risks that might arise
from inadequate internal systems, processes, resources or incorrect
decision making. Clearly, it is not possible to eliminate
operational risk, however a considerable amount of time and
resource is applied towards ensuring we have the right calibre of
staff and external support to minimise such risks, as most
operational risks arise from people-related issues. We have also
invested in improved IT systems to support the business and protect
data. Our executive directors are very closely involved in the
day-to-day running of the business to ensure sound management
judgement is applied.
The Group has not suffered any material loss from operational
risks during the year.
Market risks
Market risks primarily arise from the possibility that the Group
is exposed to fluctuations in the values of, or income from, its
investment property portfolio and development land bank. This is a
key risk to the principal activities of the Group and the exposures
are continuously monitored through timely financial and management
reporting and analysis of available market intelligence.
Where necessary, management takes appropriate action to mitigate
any adverse impact arising from identified risks and market risks
continue to be monitored closely.
Estimation and judgement risks
To be able to prepare accounts according to generally accepted
accounting principles, management must make estimates and
assumptions that affect the asset and liability items and revenue
and expense amounts recorded in the accounts. These estimates are
based on historical experience and various other assumptions that
management and the board of directors believe are reasonable under
the circumstances. The results of these considerations form the
basis for making judgements about the carrying value of assets and
liabilities that are not readily available from other sources.
The key sources of estimation uncertainty that have a
significant risk of causing material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are the following:
Properties held for Development
The net realisable value of properties held for development
requires an assessment of fair value of the underlying assets using
property appraisal techniques and other valuation methods. Such
estimates are inherently subjective and actual values can only be
determined in a sales transaction.
Investment in Joint Ventures
The net realisable value of properties held for development
within the joint ventures requires an assessment of fair value of
the underlying assets using property appraisal techniques and other
valuation methods. Such estimates are inherently subjective and in
particular, during the early stages of the development process.
Properties held for Investment
The fair value of properties held for investment is based upon
open market value and is calculated using a third party valuation
provided by an external valuer.
Interest Rate Risk
The Group is exposed to market risk primarily related to
interest rates. These exposures are actively monitored as set out
below.
Financial Liabilities
The Group's policy is to manage the cost of borrowing using
variable rate debt. Whilst floating rate borrowings are not exposed
to changes in fair value, the Group is exposed to cash flow risk as
costs increase if market rates rise. The Group's policy is to use
derivative financial instruments to mitigate at least 50% of this
risk in order to achieve a sensible and appropriate level of
interest rate protection whilst maintaining flexibility to match
the commercial trading strategy.
In January 2014, the Group issued 30 million zero dividend
preference shares (ZDP Shares) raising GBP29.3 million after costs.
Accounted for as a debt instrument, the ZDP Shares have a gross
annual redemption yield of 5.5% payable on the fifth anniversary
and are listed on the main market of the London Stock Exchange.
At 30 September 2016, after taking into account interest rate
swaps, 66% (2015: 100%) of the Group's bank borrowings were at a
fixed rate of interest.
The interest rate profile of the Group bank borrowings at 30
September 2016 was as follows:
Interest 30 Sep 30 Sep
Rate Maturity 16 GBP'000 15 GBP'000
Lloyds Bank, Jersey(1) BOE base 2-5 years 48,100 -
+ 1.9%
LIBOR + Less than
Barclays(2) 3.5% 1 year 8,335 8,335
Royal Bank of Scotland
(TAPP)(3) LIBOR +3% n/a - 20,174
Royal Bank of Scotland
(TOPP)(3) LIBOR +3.5% n/a - 9,642
56,435 38,151
============ ============
(1) Senior bank facility repayable 27 April 2021.
(2) Senior bank facility repaid 26 October 2016.
(3) Senior bank facilities repaid 28 April 2016.
Financial Assets
The interest rate profile of the Group's cash and derivatives at
the balance sheet date was as follows:
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Fixed rate - -
Floating rate 63,662 57,386
63,662 57,386
======= =======
Floating rate financial assets comprise cash and short term
deposits at call and money market rates for up to thirty days and
institutional cash funds.
Credit Risk
The risk of financial loss due to a counterparty's failure to
honour its obligations arises principally in connection with
property leases, the investment of surplus cash and transactions
where the Group sells properties with an element of deferred
consideration.
Tenant rent payments are monitored regularly and appropriate
action is taken to recover monies owed or if necessary, to
terminate the lease. Deferred consideration terms are only agreed
with counterparties approved by the Board or where some additional
security is available, and there were none as at 30 September 2016
(2015: none).
The Group policy has been to invest funds and enter into
derivative transactions with a broad range of institutions having
investment grade low risk credit ratings and a strong or superior
ability to repay short term debt obligations. The unprecedented
credit and banking market disruption of the last few years has had
a significant impact upon the ability to rely upon either credit
ratings or the ability of financial institutions to honour their
commitments and the widespread nature of the financial crisis has
introduced considerable uncertainty into the process. As at 30
September 2016, the Group had a single balance of GBP67,000 (2015:
GBP74,000) where the counter-party had failed to honour a notice
deposit and a full impairment provision has been recorded against
the balance. There are no other receivables which are past due but
not impaired.
Liquidity Risk
The Group's objective is to maintain a balance between
continuity of funding and flexibility through the use of bank loans
secured on the Group's properties. The Group is exposed to
liquidity risk should it encounter difficulties in realising assets
mainly through the sale of investment properties. However, the
Group maintains a prudent approach to financing and cashflow such
that the adverse impact of this can be mitigated.
Price Risk
The Group's exposure to changing market prices on the value of
financial instruments may have an impact on the carrying value of
financial instruments and would arise principally as a result of
entering into swaps or similar transactions to fix interest rates
on the Group's borrowings. The Group's policies for managing this
risk are to control the levels of fixed rate debt as set out under
interest rate risk above. As the Group's assets and liabilities are
all denominated in Pounds Sterling, there is currently no exposure
to currency risk.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 September 2016
Note Year Year Ended
Ended 30 Sep
30 Sep 15
16 GBP'000
GBP'000
Rental income 9,222 10,957
Other property income 213 484
Sale of trading investments - 300
--------- -----------
Revenue 9,435 11,741
--------- -----------
Direct costs of:
Rental income 2,909 2,932
Development costs written off 1,581 -
Sale of trading investments - 211
Direct Costs 4,490 3,143
--------- -----------
Gross Profit 4,945 8,598
Share of results of joint ventures
14 (3) (19)
(Loss)/profit on sale of investment
properties 12 (308) 2,436
Surplus on revaluation of investment
properties 12 992 2,742
Loss on impairment of goodwill 16 (3,173) -
Other gains and losses 6 (880) (309)
Administrative expenses (2,440) (1,541)
--------- -----------
Operating (Loss)/Profit 3 (867) 11,907
Finance costs 7 (4,135) (4,379)
Finance income 7 259 226
--------- -----------
(Loss)/Profit Before Taxation (4,743) 7,754
Taxation 8 (706) (1,316)
--------- -----------
(Loss)/Profit And Total Comprehensive
(Charge)/Income for the Year (5,449) 6,438
--------- -----------
Attributable to:
- equity shareholders (5,449) 6,438
- minority shareholders - -
--------- -----------
(5,449) 6,438
========= ===========
Basic (loss)/earnings per share
10 (6.90)p 7.72p
Diluted (loss)/earnings per share
10 (6.90)p 7.72p
All of the activities of the Group are classed as
continuing.
CONSOLIDATED Statement of Changes in Equity
for the year ended 30 September 2016
Attributable to the equity holders of the Company
Capital Non-Controlling
Share Share Redemption Treasury Retained Interests Total
Capital Premium Reserve Shares Earnings Total Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Group
Changes
in equity
for the
year ended
30 September
2015
At 1 October
2014 4,932 124,128 1,568 (15,384) 54,185 169,429 20 169,449
Profit for
the year - - - - 6,438 6,438 - 6,438
--------- ------------ ----------- ---------- ---------- ---------- ---------------- ----------
Total
comprehensive
income for
the year - - - - 6,438 6,438 - 6,438
Issue of
share capital 53 1,243 - - - 1,296 - 1,296
Dividend
paid - - - - (1,450) (1,450) - (1,450)
Purchase
of own shares - - - (7,937) - (7,937) - (7,937)
--------- ------------ ----------- ---------- ---------- ---------- ---------------- ----------
At 30 September
2015 4,985 125,371 1,568 (23,321) 59,173 167,776 20 167,796
--------- ------------ ----------- ---------- ---------- ---------- ---------------- ----------
Changes
in equity
for the
year ended
30 September
2016
At 1 October
2015 4,985 125,371 1,568 (23,321) 59,173 167,776 20 167,796
Loss for
the year - - - - (5,449) (5,449) - (5,449)
--------- ------------ ----------- ---------- ---------- ---------- ---------------- ----------
Total
comprehensive
(charge)/income
for the
year - - - - (5,449) (5,449) - (5,449)
Cancellation
of share
premium
account - (125,371) - - 125,371 - - -
Dividend
paid - - - - (1,415) (1,415) - (1,415)
Purchase
of own shares - - - (8,873) - (8,873) - (8,873)
Purchase
of
non-controlling
interest (20) (20)
--------- ------------ ----------- ---------- ---------- ---------- ---------------- ----------
At 30 September
2016 4,985 - 1,568 (32,194) 177,680 152,039 - 152,039
========= ============ =========== ========== ========== ========== ================ ==========
CONSOLIDATED BALANCE SHEET
at 30 September 2016
Note 30 Sep 30 Sep
2016 GBP'000 2015
GBP'000
Non-Current Assets
Property, plant and equipment 11 21 28
Investment properties 12 130,680 133,190
Investment properties under
construction 13 9,476 3,156
Investment in joint ventures 14 10,110 6,660
Loan to joint venture 14 - 3,410
Goodwill 16 - 3,173
150,287 149,617
-------------- ---------
Current Assets
Development and trading properties 17 30,739 33,373
Trade and other receivables 18 3,675 4,969
Derivatives 27 44 37
Cash and cash equivalents 63,662 57,386
-------------- ---------
98,120 95,765
-------------- ---------
Total Assets 248,407 245,382
Current Liabilities
Trade and other payables 19 4,263 5,370
Bank loans 20 8,335 17,768
Tax liabilities 243 2,254
12,841 25,392
-------------- ---------
Non-Current Liabilities
Bank loans 20 47,210 19,723
Zero dividend preference
shares 21 34,415 32,471
Deferred tax 1,902 -
83,527 52,194
-------------- ---------
Total Liabilities 96,368 77,586
-------------- ---------
Net Assets 152,039 167,796
============== =========
Equity
Called up share capital 22 4,985 4,985
Share premium account - 125,371
Capital redemption reserve 1,568 1,568
Treasury shares 23 (32,194) (23,321)
Retained earnings 177,680 59,173
-------------- ---------
Equity Attributable to Equity
Holders 152,039 167,776
Non-controlling interests - 20
Total Equity 152,039 167,796
============== =========
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 September 2016
Year Ended Year Ended
30 Sep 30 Sep
16 GBP'000 15
GBP'000
Cash Flows From Operating Activities
Operating (loss)/profit (867) 11,907
Depreciation and amortisation 21 34
Amortisation of reverse lease premium 104 180
Share of results of joint ventures 3 19
Other gains and losses 17 340
Loss/(gain) on sale of investment
properties 308 (2,436)
Revaluation of investment properties (992) (2,742)
Loss on impairment of goodwill 3,173 -
Development costs written off 1,581 -
Cash Flows From Operations Before
Changes In Working Capital 3,348 7,302
Change in trade and other receivables 1,294 (1,191)
Change in land, development and
trading properties 267 (7,102)
Change in trade and other payables (320) (9,248)
------------ -----------
Cash Flows From Operations 4,589 (10,239)
Finance costs (1,450) (2,020)
Finance income 167 207
Tax paid (815) (859)
------------ -----------
Cash Flows Generated From/(Used
In) Operating Activities 2,491 (12,911)
------------ -----------
Cash Flows From Investing Activities
Acquisition of and additions to
investment properties (9,759) (3,979)
Sale proceeds of investment properties 6,842 30,971
Investment in joint ventures (215) (573)
Loans repaid by/(advanced to) joint
venture 175 (1,206)
Purchase of plant and equipment (14) -
------------ -----------
Cash Flows (Used In)/Generated From
Investing Activities (2,971) 25,213
------------ -----------
Cash Flows From Financing Activities
Bank loans drawn down 48,100 -
Bank loans repaid (29,816) (17,578)
Costs paid on new bank loan (971) -
Purchase of interest rate cap (269) -
Dividend paid (1,415) (1,450)
Purchase of own shares (8,873) (7,937)
Issue of shares - 1,296
Cash Flows Generated From/(Used
In) Financing Activities 6,756 (25,669)
------------ -----------
Net increase/(decrease) in cash
and cash equivalents 6,276 (13,367)
Cash and cash equivalents at 1 October 57,386 70,753
Cash and Cash Equivalents at 30
September 63,662 57,386
------------ -----------
NOTES TO THE ACCOUNTS
For the year ended 30 September 2016
1. The financial information set out in this announcement is
abridged and does not constitute statutory accounts for the year
ended 30 September 2016 but is derived from those financial
statements. The financial information is not audited. The auditors
have reported on the statutory accounts for the year ended 30
September 2016, their report was unqualified and did not contain
statements under sections 498(2) or (3) of the Companies Act 2006,
and these will be delivered to the Registrar of Companies following
the Company's annual general meeting. The financial information has
been prepared using the recognition and measurement principle of
IFRS.
2. The comparative financial information for the year ended 30
September 2015 was derived from information extracted from the
annual report and accounts for that period, which was prepared
under IFRS and which has been filed with the UK Registrar of
Companies. The auditors have reported on those accounts, their
report was unqualified and did not contain statements under
sections 498 (2) or (3) of the Companies Act 2006.
3. Operating PROFIT
Operating profit is stated after charging:
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Audit services - fees payable to
the parent company auditor for the
audit of the Company and the consolidated
financial statements 25 25
----------- -----------
Other services - fees payable to
the Company auditor for the audit
of the Company's subsidiaries pursuant
to legislation. 60 60
----------- -----------
Other services - fees payable to
the Company auditor for tax services 20 20
----------- -----------
Depreciation of owned assets 3 7
----------- -----------
Lease amortisation 18 27
----------- -----------
Operating lease rentals - land and
buildings 184 171
----------- -----------
Movement on provision for doubtful
debts 107 172
----------- -----------
4. PARTICULARS OF EMPLOYEES
The aggregate payroll costs of the above were:
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Wages and salaries 1,264 443
Social security costs 165 71
1,429 514
========== ==========
The average monthly number of persons, including executive
directors, employed by the Company during the year was seven (2015:
nine).
5. DIRECTORS' EMOLUMENTS
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Emoluments 834 140
========== ==========
Emoluments of highest paid director 352 210
========== ==========
The board of directors comprise the only persons having
authority and responsibility for planning, directing and
controlling the activities of the Group.
6. OTHER GAINS AND LOSSES
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Movement in fair value of interest
rate swaps (262) (340)
Transaction costs (650) -
Other 32 31
(880) (309)
================== ===========
7. FINANCE INCOME/COSTS
Year ended Year ended
Finance Income 30 Sep 30 Sep
16 15
GBP'000 GBP'000
Bank interest and interest receivable 259 226
========== ==========
Finance Costs
Bank loans (1,584) (2,021)
Amortisation of arrangement fees (741) (642)
ZDP interest payable (1,810) (1,716)
---------- ----------
(4,135) (4,379)
========== ==========
8. TAXATION ON ORDINARY ACTIVITIES
(a) Analysis of tax charge in the year
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
UK Corporation tax based on the
results for the year 577 1,302
(Over)/under provision in prior
years (1,773) 14
----------- -----------
Current tax (1,196) 1,316
Deferred tax 1,902 -
706 1,316
=========== ===========
(b) Factors affecting tax charge
The tax assessed on the (loss)/profit for the
year differs from the standard rate of corporation
tax in the UK of 20.0% (2015: 20.5%)
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
(Loss)/profit before taxation (4,743) 7,754
=========== ===========
(Loss)/profit multiplied by rate
of tax (949) 1,590
Effects of:
Expenses not deductible for tax
purposes 1,314 395
Joint venture losses not taxable 10 4
Gains not subject to UK taxation - (125)
Revaluation gains not taxable (198) (562)
Capital allowances (78) -
Losses utilised (129) -
Movement in tax losses carried 607 -
forward
(Over)/under provision in prior
years (1,773) 14
----------- -----------
Current tax (credit)/charge for
the year (1,196) 1,316
=========== ===========
9. DIVIDS
The directors do not recommend a final dividend in respect of
the year ended 30 September 2016 (2015: 1.75 pence per share which
amounted to GBP1,415,000).
10. EARNINGS PER SHARE
The calculation of earnings per ordinary share is based on the
loss after tax attributable to equity shareholders of GBP5,449,000
(2015: profit of GBP6,438,000) and on the number of shares in issue
being the weighted average number of shares in issue during the
period of 78,920,377 (2015: 83,429,315). There are no diluting
amounts in either the current or prior years.
11. PROPERTY, PLANT AND EQUIPMENT
Premises Office Furniture
Lease Equipment & Fittings Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 October 2014 157 75 95 327
Additions - - - -
---------- ------------ ------------- -----------
At 30 September 2015
and 1 October 2015 157 75 95 327
Additions - 14 - 14
---------- ------------ ------------- -----------
At 30 September 2016 157 89 95 341
---------- ------------ ------------- -----------
Depreciation/Amortisation
At 1 October 2014 112 63 90 265
Provided during the
year 27 2 5 34
---------- ------------ ------------- -----------
At 30 September 2015
and 1 October 2015 139 65 95 299
Provided during the
year 18 3 - 21
---------- ------------ ------------- -----------
At 30 September 2016 157 68 95 320
---------- ------------ ------------- -----------
Net book value at 30
September 2016 - 21 - 21
========== ============ ============= ===========
Net book value at 30
September 2015 18 10 - 28
========== ============ ============= ===========
12. INVESTMENT PROPERTIES
Reverse
Long Lease
Freehold Leasehold Premiums Total
GBP'000 GBP'000 GBP'000 GBP'000
Valuation at 1 October
2014 136,672 20,996 672 158,340
Additions 728 95 - 823
Disposals (27,485) (1,050) - (28,535)
Reverse lease premium
amortisation - - (180) (180)
Movement on revaluation 2,637 105 - 2,742
----------- ------------ ---------- ----------
Valuation at 30 September
2015 112,552 20,146 492 133,190
Additions 1,446 2,226 - 3,672
Disposals (7,150) - - (7,150)
Lease incentive granted 80 - - 80
Reverse lease premium
amortisation - - (104) (104)
Movement on revaluation (538) 1,530 - 992
----------- ------------ ---------- ----------
Valuation at 30 September
2016 106,390 23,902 388 130,680
=========== ============ ========== ==========
The historical cost of properties held at 30 September 2016 is
GBP161,164,000 (2015: GBP164,890,000).
The properties were valued by Jones Lang LaSalle, independent
valuers not connected with the Group, at 30 September 2016 at
market value in accordance with the Practice Statements contained
in the RICS Appraisal and Valuation Standards published by the
Royal Institution of Chartered Surveyors which conform to
international valuation standards. The valuations are arrived at by
reference to market evidence of transaction prices and completed
lettings for similar properties. The properties have been valued
individually and not as part of a portfolio and no allowance has
been made for expenses of realisation or for any tax which might
arise. They assume a willing buyer and a willing seller in an arm's
length transaction. The valuations reflect usual deductions in
respect of purchaser's costs and SDLT as applicable at the
valuation date. The independent valuer makes various assumptions
including future rental income, anticipated void cost, the
appropriate discount rate or yield.
As at 30 September 2016, the Group has pledged GBPnil (2015:
GBP95,530,000) of investment property to secure Royal Bank of
Scotland debt facilities, GBP89,955,000 (2015: GBPnil) of
investment property to secure Lloyds Bank, Jersey debt facilities
and GBP33,260,000 (2015: GBP32,870,000) to secure Barclays Bank PLC
debt facilities. Further details of these facilities are provided
in note 27.
The property rental income earned from investment property,
which is leased out under operating leases amounted to GBP9,435,000
(2015: GBP11,441,000).
(Loss)/profit on sale of investment 30 Sep 30 Sep
properties 16 15
GBP'000 GBP'000
Gross proceeds on sales of investment
properties 6,955 31,335
Costs of sales (113) (364)
-------- ---------
Net proceeds on sales of investment
properties 6,842 30,971
Book value (7,150) (28,535)
-------- ---------
(Loss)/profit on sale (308) 2,436
======== =========
Sensitivity Analysis:
Movement in equivalent yield
If the equivalent yield compresses by 0.5% to 7.52% then the
portfolio valuation increases by approximately 7.3%. It reduces by
approximately 6.4% if the equivalent yield increases by 0.5% to
8.52%.
Movement in ERV
If ERV's increase by 5% then the portfolio valuation increases
by approximately 4.4% whilst falling by approximately 4.4% if ERV's
decrease by 5%.
Voids
If the void periods assumed in the valuation are decreased by 6
months then the portfolio valuation would increase by approximately
1.7%. If void periods increase by 6 months then the portfolio
valuation would decrease by approximately 1.7%.
13. INVESTMENT PROPERTIES UNDER CONSTRUCTION
Investment properties under construction are freehold land and
buildings representing investment properties under development or
construction and they amount to GBP9,476,000 (2015: GBP3,156,000)
as at 30 September 2016. These properties comprise landholdings for
current or future development as investment properties. This
methodology has been adopted because the value of these properties
is dependent on a detailed knowledge of the planning status, the
competitive position of the assets and a range of complex
development appraisals. The fair value of these properties rests in
the planned developments, and is difficult to estimate pending
confirmation of designs and planning permission, and hence has been
estimated by the directors at cost as an approximation to fair
value.
14. INVESTMENTS
Joint Ventures
Investment in Joint Ventures 30 Sep 30 Sep
16 15
GBP'000 GBP'000
At 1 October 2015 6,660 6,087
Share of results of joint ventures (3) (19)
Investment in joint venture 218 592
Reclassify loan to joint venture 3,235 -
At 30 September 2016 10,110 6,660
========= =========
The Group has a 50% interest in three joint ventures, Conygar
Stena Line Limited which is a property development company, CM
Sheffield Limited a property trading company and Roadking Holyhead
Limited a truck stop developer and operator.
Loans to Joint Ventures
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Roadking Holyhead Limited - 3,410
----------- ---------
- 3,410
=========== ========================== =========
In accordance with IAS 39, the loans to Roadking Holyhead
Limited, Conygar Stena Line Limited and C M Sheffield Limited have
not been disclosed separately on the balance sheet as the
investments in joint ventures at 30 September 2016 are net
liabilities when the loans are excluded.
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Conygar Stena Line Limited 7,733 7,406
Roadking Holyhead Limited 3,235 -
C M Sheffield Limited 2 2
--------- ---------
10,970 7,408
========= =========
The following amounts represent the Group's 50% share of the
assets and liabilities, and results of the joint ventures. They are
included in the balance sheet and income statement:
Year ended Year ended
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Assets
Current assets 10,203 10,158
----------- -----------
10,203 10,158
Liabilities
Current liabilities (93) (88)
----------- -----------
(93) (88)
Net Assets 10,110 10,070
=========== ===========
Operating loss (3) (19)
Finance income - -
----------- -----------
Loss before tax (3) (19)
Tax - -
----------- -----------
Loss after tax (3) (19)
=========== ===========
There are no contingent liabilities relating to the Group's
interest in joint ventures, and no contingent liabilities of the
ventures themselves.
15. FIXED ASSET INVESTMENTS
Subsidiaries
Company name Principal Country of % of Equity
activity registration held
Conygar Holdings
Ltd Holding Company England 100%
Property
Martello Quays trading and
Limited development England 100%
Conygar Wales Holding Company England 100%*
PLC
Conygar Bedford Property England 100%*
Square Ltd trading and
development
Conygar Properties Property England 100%*
Ltd trading and
development
Conygar Developments Property England 100%*
Ltd trading and
development
Conygar Strand Property England 100%*
Ltd trading and
development
Conygar Hanover Property England 100%*
Street Ltd investment
The Advantage Property Guernsey 100%*
Property Income investment
Trust Ltd
TAPP Property Property Guernsey 100%*
Ltd investment
TOPP Holdings Property Guernsey 100%*
Ltd investment
TAPP Maidenhead Property Guernsey 100%*
Ltd investment
TOPP Bletchley Property Guernsey 100%*
Ltd investment
TOPP Property Property Guernsey 100%*
Ltd investment
Conygar Stena Property England 50%*
Line Ltd trading and
development
CM Sheffield Property England 50%*
Ltd trading and
development
Roadking Holyhead Property England 50%*
Limited trading and
development
Conygar Haverfordwest Property England 100%*
Ltd trading and
development
Conygar Advantage Holding company Guernsey 100%*
Ltd
Conygar Stafford Property England 100%*
Ltd investment
Conygar Dundee Property England 100%*
Ltd investment
Conygar St Helens Property England 100%*
Ltd investment
Conygar Sunley Property England 100%*
Ltd investment
Lamont Property Property Jersey 100%*
Holdings Ltd investment
Lamont Property Holding company Jersey 100%*
Acquisition (Jersey)
I Ltd
Lamont Property Property Jersey 100%*
Acquisition (Jersey) investment
II Ltd
Conygar Cross Property Jersey 100%*
Hands Ltd investment
Lamont Property Property investment Jersey 100%*
Acquisition (Jersey)
IV Ltd
Lamont Property Property investment Jersey 100%*
Acquisition (Jersey)
V Ltd
Lamont Property Property investment Jersey 100%*
Acquisition (Jersey)
VII Ltd
Conygar Ynys Mon Property trading England 100%*
Ltd and development
Conygar Haverfordwest Dormant Jersey 100%*
Retail Ltd
Conygar Ashby Ltd Dormant Jersey 100%*
* Indirectly owned
16. GOODWILL
30 Sep 30 Sep 15
16
GBP'000 GBP'000
At 1 October 3,173 3,173
Impairment in the year (3,173) -
-------- ----------
At 30 September - 3,173
======== ==========
The goodwill arose upon the acquisition of the non-controlling
interests in Martello Quays Limited and represented the excess of
the consideration over the fair value of the identifiable net
assets acquired. The goodwill was wholly allocated to the
development project within Martello Quays Limited, which was
considered to represent a single income and cash generating unit.
As set out in the Chairman's and Chief Executive's report,
management analysis indicates that the net present value of the
project is below the carrying value at 30 September 2016 such that
the goodwill has been fully impaired in the current year.
IFRS requires management to undertake an annual test for
impairment of indefinite lived assets, such as goodwill, and to
test for impairment if events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Impairment testing is an area involving management judgment,
requiring assessment as to whether the carrying value of the assets
can be supported by the net present value of future cash flows
derived from such assets using cash flow projections which have
been discounted at an appropriate rate. In calculating the net
present value of the future cash flows, certain assumptions are
required to be made in respect of highly uncertain matters
including management's expectations of:
- Timing and quantum of future capital expenditure;
- Timing and quantum of future revenue streams; and
- The selection of discount rates to reflect the risks involved.
The Group prepares and approves formal five year forecasts for
Martello Quays Limited which are used in the value in use
calculations. Five years is considered to be the optimum period for
a meaningful forecast and takes into account available sources of
both internal and external information.
The Group's review includes the key assumptions related to
sensitivity in the cash flow projections.
The impairment review is based upon value in use calculations.
The period of review is five years and it is assumed that no growth
occurs over the period. A range of pre-tax risk adjusted discount
rates (5-15%) were used in order to reflect inherent uncertainties
and to produce a sensitivity analysis.
Key assumptions used in value in use calculations
- Valuation of completed construction
The valuation of the completed construction is based upon
current knowledge of the local market utilising both internal and
external sources of information and evidence.
- Budgeted capital expenditure
The cash flow forecasts for capital expenditure are based upon
on past experience and estimates provided from both internal and
external sources.
- Pre-tax risk adjusted discount rate
The discount rate applied to the cash flows is generally based
upon the risk free rate for ten year government bonds adjusted for
a risk premium to reflect the systematic risk of the project,
likely cost of funding and underlying uncertainties.
17. PROPERTY INVENTORIES
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Properties held for resale or development 30,739 33,373
======== ========
18. TRADE AND OTHER RECEIVABLES
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Trade receivables 834 1,434
Provision for doubtful debts (48) (217)
-------- --------
786 1,217
Amounts owed by group undertakings - -
Other receivables 845 1,194
Prepayments and accrued income 2,044 2,558
-------- --------
3,675 4,969
======== ========
The directors consider that the carrying amount of trade and
other receivables approximates to their fair value due to the short
term nature of these financial assets.
19. TRADE AND OTHER PAYABLES
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Amounts owed to group undertakings - -
Social security and payroll taxes - -
Trade payables 976 2,805
Accruals and deferred income 3,287 2,565
-------- --------
4,263 5,370
======== ========
The directors consider that the carrying amounts of the trade
and other payables approximate to their fair value due to the short
period of repayment.
20. BANK LOANS
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Bank loans 56,435 38,151
Debt issue costs (890) (660)
-------- --------
55,545 37,491
======== ========
Details of the financial liabilities are given in note 29.
21. ZERO DIVID PREFERENCE SHARES
Year Year ended
ended 30 Sep
30 Sep 15
16
GBP'000 GBP'000
Balance at start of year 32,471 30,621
Share issue costs amortised 134 134
Accrued capital 1,810 1,716
-------- -----------
Balance at end of year 34,415 32,471
-------- -----------
The Group issued 30,000,000 zero dividend preference shares
('ZDP shares') at 100 pence per share. The ZDP shares have an
entitlement to receive a fixed cash amount on 9 January 2019, being
the maturity date, but do not receive any dividends or income
distributions. Additional capital accrues to the ZDP shares on a
daily basis at a rate equivalent to 5.5% per annum, resulting in a
final capital entitlement of 130.7 pence per share. The ZDP shares
were listed on the London Stock Exchange on 10 January 2014.
During the year, the Group has accrued for GBP1,810,000 of
additional capital. The total amount repayable at maturity is
GBP39,210,000.
The ZDP shares do not carry the right to vote at general
meetings of the Group, although they carry the right to vote as a
class on certain proposals which would be likely to materially
affect their position. In the event of a winding-up of Conygar ZDP
PLC, the capital entitlement of the ZDP shares (except for any
undistributed revenue profits) will rank ahead of ordinary shares
but behind other creditors of Conygar ZDP PLC.
22. SHARE CAPITAL
Authorised share capital:
30 Sep 30 Sep
16 15
GBP GBP
140,000,000 (2015: 140,000,000) Ordinary
shares of GBP0.05 each 7,000,000 7,000,000
========= =========
Allotted and called up:
Amounts recorded as equity: 30 Sep 16 30 Sep 15
No GBP'000 No GBP'000
Ordinary shares of GBP0.05
each 99,714,123 4,985 99,714,123 4,985
=========== ======== =========== ========
23. TREASURY SHARES
In December 2010, the Group began a share buyback programme and
during the year ended 30 September 2016 purchased 5,299,819 (2015:
4,372,350) shares on the open market at a cost of GBP8,872,556
(2015: GBP7,937,062). The 22,482,688 (2015: 17,182,869) shares were
held in treasury as at 30 September 2016.
24. SHARE BASED PAYMENTS
No options were granted in either the current or prior year.
The Group recognised total expenses of GBPnil (2015: GBPnil) in
relation to equity settled share-based payment transactions.
25. DEFERRED TAX
Deferred tax liabilities are recognised in the accounts as
follows:
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Revaluation 1,902 -
surplus
======== ========
Deferred tax on the revaluation surplus is calculated on the
basis of the chargeable gains that would crystalise on the sale of
the property portfolio at each balance sheet date. The calculation
takes account of any available indexation on the historic cost of
the properties.
26. COMMITMENTS
Group as lessee:
At 30 September 2016, the Group and Company had outstanding
commitments for future minimum lease payments under non-cancellable
operating leases, which fall due as follows:
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Within one year 180 90
In the second to fifth years inclusive 311 -
------- -------
491 90
======= =======
Group as lessor:
In addition, the Group holds retail, office, industrial and
leisure buildings as investment properties which are let to third
parties. These are non-cancellable leases and the income profile
based upon the unexpired lease length was as follows:
30 Sep 30 Sep
16 15
GBP'000 GBP'000
Less than one year 10,553 9,504
Between one and five years 21,723 24,088
Over five years 10,926 14,475
-------- --------
43,202 48,067
======== ========
27. FINANCIAL INSTRUMENTS
The interest rate profile of the Group bank borrowings at 30
September 2016 was as follows:
Interest 30 Sep 30 Sep
Rate Maturity 16 GBP'000 15 GBP'000
Lloyds Bank, Jersey BOE base 2-5 years 48,100 -
(1) + 1.9%
Less than
Barclays (2) LIBOR + 3.5% 1 year 8,335 8,335
Royal Bank of Scotland
(TAPP)(3) LIBOR + 3% n/a - 20,174
Royal Bank of Scotland
(TOPP)(3) LIBOR +3.5% n/a - 9,642
56,435 38,151
============ ============
(1) Senior bank facility repayable 27 April 2021.
(2) Senior bank facility repaid 26 October 2016.
(3) Senior bank facilities repaid 28 April 2016.
In addition to the bank debt, the Group has a financial
liability of GBP34.4 million relating to 30,000,000 zero dividend
preference shares ("ZDP Shares") which were issued at 100 pence per
share.
The ZDP shares have an entitlement to receive a fixed cash
amount on 9 January 2019, being the maturity date, but do not
receive any dividends or income distributions. Additional capital
accrues to the ZDP shares on a daily basis at a rate equivalent to
5.5% per annum, resulting in a final capital entitlement of 130.7
pence per share.
During the year the Group has accrued for GBP1,810,000 of
additional capital. The total amount repayable at maturity is
GBP39,210,000.
Loans
As at 30 September 2016, TAPP Property Limited, TOPP Property
Limited, TOPP Bletchley Limited, Lamont Property Acquisition
(Jersey) I Limited, Lamont Property Acquisition (Jersey) II Limited
and Lamont Property Acquisition (Jersey) IV Limited ("the
borrowers") jointly maintained a facility with Lloyds Bank, Jersey
of GBP48,100,000 (2015: GBPnil) under which GBP48,100,000 (2015:
GBPnil) had been drawn down. This facility is repayable on or
before 27 April 2021 and is secured by fixed and floating charges
over the assets of the borrowers. The facility is subject to a
maximum loan to value covenant of 65%, a historical interest cover
ratio covenant of 200% and a historical debt service cover ratio of
110%.
On 28 April 2016, TAPP Property and TOPP Property repaid the
outstanding balances of their facilities with the Royal Bank of
Scotland PLC of GBP25,931,000 (2015: GBP29,816,000).
As at 30 September 2016, Conygar Dundee Limited, Conygar Hanover
Street Limited, Conygar Stafford Limited and Conygar St Helens
Limited jointly maintained a facility with Barclays Bank PLC of up
to GBP8,335,000 (2015: GBP8,335,000) of which GBP8,335,000 (2015:
GBP8,335,000) had been drawn down. This facility was repayable on
or before 21 November 2016 and was secured by fixed and floating
charges over the assets of Conygar Dundee Limited, Conygar Hanover
Street Limited, Conygar Stafford Limited and Conygar St Helens
Limited. The facility was subject to a maximum loan to value
covenant of 52% (2015: 52%) and an interest cover ratio covenant of
225%. As set out in the Chairman's and Chief Executive's statement,
the loan was repaid in full on 26 October 2016.
Price Risk
The Group's exposure to changing market prices on the value of
financial instruments may have an impact on the carrying value of
financial instruments and would arise principally as a result of
entering into swaps or similar transactions to fix interest rates
on the Group's borrowings. The Group's policies for managing this
risk are to control the levels of fixed rate debt as set out under
interest rate risk above.
Capital Risk Management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.
While the Group does not have a formally approved gearing ratio,
the objective above is actively managed
through the direct linkage of borrowings to specific property.
The Group seeks to ensure that secured borrowing does not exceed
70% of the current market value of such property.
Fair Values of Financial Assets and Financial Liabilities
The fair values of all the Group's financial assets and
liabilities are set out below:
Book Value Book Value Fair Value Fair Value
30 Sep 30 Sep 30 Sep 30 Sep
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000
Financial Assets
Cash 63,662 57,386 63,662 57,386
Loans to joint ventures 10,970 10,818 10,970 10,818
Interest rate derivatives 44 37 44 37
Financial Liabilities
Floating rate borrowings 56,435 38,151 56,435 38,151
Fixed rate borrowings 34,719 32,909 34,719 32,909
Derivative Financial Instruments
Market Market
Protected Value Value
Rate % Expiry at 30 at 30
Sep 2016 Sep 2015
GBP'000 GBP'000
GBP37 million (2015:
GBP37 million) 2.00 (2015: Feb
cap 2.00) 2018 - 52
GBP36.1 million 2.50 (2015: Apr 44 -
(2015: n/a) cap* n/a) 2021
GBPnil (2015: GBP4.3 n/a (2015:
million) swap 1.055) n/a - (16)
GBPnil (2015: GBP10.3 n/a (2015:
million) cap 0.75) n/a - 1
44 37
========== ==========
* Effective date 5 February 2018
The valuation of the swaps was provided by JC Rathbone
Associates Limited, is a tier 2 valuation and represents the change
in fair value since execution. The fair value is derived from the
present value of the future cash flows discounted at rates obtained
by means of the current yield curve appropriate for those
instruments.
The fair value of the Group's trade debtors and other
receivables and trade creditors and other payables is not
considered to vary from historic cost due to the short term nature
of these financial assets and liabilities. As such, they are
excluded from the disclosure.
The Report and Accounts for the year ended 30 September 2016
will be posted to shareholders shortly and copies may be obtained
free of charge for at least one month following their posting by
writing to The Secretary, The Conygar Investment Company PLC,
Fourth Floor, 110 Wigmore Street, London, W1U 3RW. They are also
available on the website www.conygar.com.
The Company's Annual General Meeting will be held at 4:00pm on 7
February 2017 at the offices of Gowling WLG (UK) LLP, 4 More London
Riverside, London, SE1 2AU.
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
END
FR LIFSRFLLRLIR
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December 16, 2016 02:00 ET (07:00 GMT)
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