UK Property Market Opportunities - Interim Results Interview with Conygar
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.
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Disclaimer:
As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested. Conygar Investment Co is a corporate sponsor of Stockopedia and, while we always endeavour to be objective, any views expressed above may not be impartial.
The Conygar Investment Company PLC is a United Kingdom-based company engaged in property trading, property investment, acquiring property assets with development and investment potential, and investing in companies with property assets. The Company operates in two segments: Investment properties, which are owned or leased by the Group for long-term income and for capital appreciation, and trading properties which are owned or leased with the intention to sell, and Development properties, which include sites, developments in the course of construction and sites available for sale. The Company has a 50% interest in a joint venture, Conygar Stena Line Limited, which is a property development company. It also has a 50% interest in a joint venture, CM Sheffield Limited, which is a property trading company. more »
Londonmetric Property PLC, formerly London & Stamford Property Plc, is a United Kingdom-based real estate investment trust (REIT). The Company aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the United Kingdom in retail and distribution properties, as well as Greater London real estate opportunities. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties providing opportunities to improve both rental values and the security and longevity of income and limited risk redevelopments with the aim of enhancing shareholder returns. In May 2013, Londonmetric Property PLC announced the acquisition of Martlesham Heath Retail Park. more »
Max Property Group Plc is a closed-ended real estate investment company. The principal activity of the Company is property investment. The Company’s investment portfolio consists of industrial, office, healthcare and leisure. The Company’s subsidiaries include Max Property GP Limited, Max Property LP Limited, Max Property Limited Partnership, MPG Opco Limited, MPG Finco Limited, MPG Hedging Limited, Max Investor Limited and MPG Hospital Holdings Limited. Prestbury Investments LLP is the property advisor of the Company. On October 27, 2010, the Company acquired a portfolio of 14 nightclubs. more »
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