We caught up with Robert Ware and Preston Rabl of the Conygar Investment Company (LON:CIC) to discuss the AIM listed property group's trading in the first half of 2011. At a market cap of £121m, the company trades at a sharp discount to an end March NAV of 154p.
Since outlining the company's investment philosophy and outlook in an exclusive interview with us 6 months ago, the board have assessed over 30 deals at valuations of between £10m and £200m. They moved quickly to buy 86 acres of land in Haverfordwest for £14m but still see a wide disconnect between the expectation of sellers and their assessment of value. With £98m available for deals Robert Ware, CEO, is excited by the opportunities available to Conygar's shareholders. He predicts that there will be 'a lot of mayhem' in property markets providing opportunities to those who can move quickly.
The podcast interview available on Stockopedia is just over 20 minutes long and sheds considerable light on the state of the UK property market. Some of the themes discussed in the interview include:
- The ongoing share buy-back campaign - 10% of shares bought back since Q4 2010
- Debt refinancing, almost halving the company's cost of debt
- Purchase of 86 acres in Haverfordwest
- Deal flow and plans for the company's £98m in available cash and financing
- Rent and disposals from the TAP and Lamont Investment Portfolios
- Progress with the Development Projects in Holyhead, Fishguard and Pembroke Dock in Wales
- The Company's valuation and 30%+ discount to NAV and peers such as London and Stamford and Max Property
- Market Outlook for the Property Market and Economy
We will post the full transcript here in due course. Alternatively you can download the audio on Stockopedia in Apple Podcast AAC format.
Click on the link below to listen to the Podcast