25 May 2012

Conygar sees new realism

30/11/2011 Robert Tyerman

Property group Conygar Investment (CIC) says opportunities are reappearing after a 10.7 per cent annual net asset slide to £158.5 million.

In fact, the AIM-quoted company lifted net assets per share 3.1 per cent to 155.2p in the year to September, having bought back 17 per cent of its shares at an average 116.1p, while a hefty £13 million pre-tax profits drop to £1.8 million reflects the magnitude of the previous year profits – swollen by £12.7 million of extraordinary items.

Chief executive Robert Ware says London-headquartered Conygar is seeing 'much more realistically priced portfolios' coming onto the market at last as banks, hitherto reluctant to show loan losses on optimistically valued properties, are finally biting the bullet and putting pressure on borrowers to sell. Arguing that this validates the company's cautious investment approach in recent years, analysts suggest that Conygar could be considering several potential investments now with yields of between 10 per cent and 11 per cent.

Although year-end cash was 47 per cent down at £35.7 million, Ware points out that the company has combined cash and facilities of £85 million to take advantage of newly attractive deals. Conygar, which has upped its dividend 10 per cent to 1.1p a share, has agreed a conditional sale to Sainsbury of part of its Haverfordwest development site and won planning permission for housing.

Shares in Conygar, which have traded between 120p and 91.6p over the past year, now stand at 97p, a 37 per cent discount to net asset value, yielding 1.1 per cent. They should rally in the medium term, unless economic Armageddon strikes.

Tags: AIM market, Attractive deals, Buy back, Robert Ware, Sainsbury

Sector: Real Estate

Companies: Conygar Investment

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