Real estate investor Conygar Investment Company (LON:CIC) has increased the size of its share buy-back programme that was launched last December. As part of the move, the company is planning to acquire an additional 2m ordinary shares, taking the total maximum number of shares it wants to buy under the programme to 8m. So far, it has purchased a total of 3.645m shares. The Conygar share price has risen from 101p to 115.5p since the programme was announced. In a note to investors last week, broker Cenkos said the shares were “outstandingly cheap” on a 27% discount to NAV or, adjusting for cash, a 35% discount.

Conygar introduced the programme in order to enhance net asset value per share for shareholders. The maximum price paid per share is no more than 105% of the average middle market closing price of a Conygar share for the five business days preceding the date of acquisition. Given the level of liquidity in its shares, the company may buy back in any one day more than 25% of the average daily volume over the preceding 20 business days.

Last year Conygar delivered pre-tax profits up 8.8% to £14.9m and net asset value per share up 7.1% to 150p. While the year ended without a large acquisition of the likes of Advantage Property Income Trust and Lamont, which were closed in previous years, Conygar did succeed in selling £58.8m and acquiring £44.8m of investment properties. In an interview with Stockopedia in September, CEO Robert Ware insisted that acquisitions had to come at the right price and that the management team was prepared to be patient to secure the right deal. Progress was also made on its development land bank, including two new projects at Parc Cybi, Holyhead and Haverfordwest, Pembrokeshire. You can also see a recent webcast about the Welsh projects here.

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