Conygar's NAV/share up after transformational half year

Conygar Investment Company saw its net asset value per share reach 201p at the end of March, up from 197p at the end of September last year and after what it described as a busy and transformational six months.

The company had disposed of most of its investment properties for £129.8m, and at the end of the first half had total cash available of £46m and no debt.

It had acquired a 40-acre development site close to Nottingham train station for £13.5m, received planning permission for the first phase of the Fishguard Marina development, and started construction work at its sites in Cross Hands and Ashby de la Zouch.

Chief executive Robert Ware said the six months ended March 2017 were an extremely busy and transformational period for the group.

"The Board is pleased to have disposed of the majority of the investment property portfolio which crystallises the significant capital growth achieved over the past eight years," he said.

"The attention of the team now turns to the investment properties under construction and the development projects we currently hold and to sourcing further investment opportunities, such as the recent Nottingham acquisition.

"The Group is in a strong position to bring these projects to fruition with cash of £46m available for investment and no debt."

At 13:49 BST, shares in AIM-listed Conygar were flat at 176p each.