REG - Conygar Investmnt Co - Interim Results
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RNS Number : 4096E Conygar Investment Company PLC(The) 15 May 2026
15 May 2026
The Conygar Investment Company PLC
Interim results for the six months ended 31 March 2026
Summary
· Net asset value ("NAV") increased in the period by £12.8 million to
£54.3 million equating to 91.6p per share (30 September 2025: 70.2p per
share). This includes a £15.1 million profit realised from the sale of the
Group's land holding in Rhosgoch, Anglesey net of operational, debt financing
and administrative costs.
· The loan from Barclays Bank PLC ("Barclays"), provided in connection
with the Winfield Court student accommodation at The Island Quarter in
Nottingham ("TIQ"), has been restructured to extend the final repayment date
until March 2027 with security for the extended loan to also now include the
food, beverage and events venue at The Island Quarter ("1 TIQ").
· Bank borrowings decreased in the period by £9.4 million, following
the repayment and cancellation of the loan from ASK Partners and a part
repayment of the Barclays loan, to leave net bank borrowings of £38.7 million
at 31 March 2026.
· Cash deposits were boosted in the period by the £18.4 million net
proceeds received from the sale of Rhosgoch, partly offset by £9.4 million of
bank loan repayments and the purchase of 2,457,684 ZDP shares at a cost of
£3.0 million. As at 31 March 2026, the Group had total cash deposits of £6.3
million, equating to 10.6p per share (30 September 2025: £3.2 million (5.3p
per share)).
· Lettings at Winfield Court are progressing steadily for the upcoming
academic year as this student accommodation becomes more established.
· Transfer completed in October 2025 of the operational management for
1 TIQ to Rhubarb Food Design ("Rhubarb") to enable the further expansion of
the food, beverage and events offering at TIQ.
Group net assets summary
31 Mar 31 Mar 30 Sept
2025
2026 2025
£'m
£'m £'m
Properties 89.8 117.5 93.1
Cash 6.3 7.0 3.2
Borrowings (38.7) (54.5) (48.0)
ZDP shares (2.8) (5.2) (5.6)
Other net assets / (liabilities) - (0.7) (0.8)
Net assets attributable to shareholders 54.6 64.1 41.9
Non-controlling interests (0.3) (0.3) (0.3)
Net assets 54.3 63.8 41.6
NAV per share 91.6p 107.5p 70.2p
Robert Ware, Chief Executive commented:
"Given the continuing geopolitical risk and macroeconomic volatility, we
anticipate a period of hesitation for UK real estate, the extent of which
depends on any further conflict escalation and the resultant longer-term
impact on energy costs. However, the 2026 real estate landscape is
characterized by resilience, with the industry navigating a "new normal" of
uncertainty.
With investors prioritising high quality and sustainable investments,
alternative capital sources filling the funding gap left by traditional
institutional investment, and UK residential and commercial property values
supported by a softer development pipeline, we are optimistic that
opportunities will evolve over the coming years which should enable us to
maximise the returns from TIQ."
Enquiries:
The Conygar Investment Company PLC
Robert Ware, David Baldwin: 020 7258 8670
Panmure Liberum Limited (nominated adviser and broker)
Chris Clarke, Jamie Richards: 020 3100 2185
Temple Bar Advisory (public relations)
Alex Child-Villiers: 07795 425580
Sam Livingstone: 07769 655437
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.
This announcement is being made on behalf of the Company by David Baldwin,
Finance Director.
Chairman's and Chief Executive's statement
Progression and market update
After the numerous economic shocks in recent years, 2026 began with a hint of
cautious optimism that the UK property market might be turning a corner.
Inflation and interest rates were on a downward trajectory and investors
beginning to transact. However, the Middle East conflict has once again
heightened uncertainty within the global markets causing investors to adopt a
"wait-and-see" approach.
Against this backdrop we have focussed our attention, during the first half of
this financial year, principally on stabilising the ongoing activities of the
Group, whilst continuing to seek out opportunities to enable the further
advancement of our mixed-use development site at TIQ. Cash deposits have
increased from £3.2 million at 30 September 2025 to £6.3 million at 31 March
2026 and total borrowings, including the ZDP shares, have reduced by more than
£12 million to £41.5 million at 31 March 2026.
Results summary
The Group realised a profit in the six months to 31 March 2026 of £12.8
million. This was substantially derived from the profit achieved on sale of
the Group's land holding in Rhosgoch net of operational, debt financing and
administrative costs.
Rhosgoch was sold in November 2025 for gross proceeds of £18.5 million, to
Stena Line Ports (UK) Limited, to realise a profit in the current period of
£15.1 million, in addition to the £0.8 million valuation uplift reported for
this asset in the prior year.
Cash deposits and debt financing
The sale of Rhosgoch generated net cash proceeds of £18.4 million. These have
been partly utilised to enable the repayment of £3.9 million of the Barclays
loan, provided in connection with Winfield Court, and fully repay the £5.4
million loan from ASK to leave the TIQ undeveloped land, previously provided
as security for the ASK loan, now unencumbered. In addition, the Group
acquired from third party investors approximately 50 per cent of the 5 million
placed ZDP shares for £3 million, being the accrued capital entitlement at
the date of purchase. The remaining cash deposits of £6.3 million are to be
applied in support of the ongoing operations of the Group.
In addition to the part repayment of the Barclays development loan, the
restructuring of this facility was completed in March 2026 to extend the final
repayment date until March 2027. The revised terms include a continuation of
the total facility at £38.8 million and a reduction in the loan to value
("LTV") covenant from 62 per cent to a maximum of 60 per cent. This extension
will enable the further letting and stabilisation of Winfield Court which, in
addition to 1 TIQ, provides security for the loan.
At the date of this report, the Group remains compliant with all the covenants
as set out in the Barclays facility agreement and ZDP listing document.
TIQ
At Winfield Court, student lettings for the 2026 - 2027 academic year are
steadily progressing as we seek an uplift to the 81 per cent occupancy
achieved for the previous academic year. Notwithstanding our progress in that
regard, the outlook for purpose-built student accommodation ("PBSA") is
challenging. The combined impact of increasing incentives, affordability
constraints and the much-publicised reduction in overseas students attending
UK universities is weighing on occupancy. However, the underlying
fundamentals for PBSA remain relatively strong such that our creative and
front-loaded incentive packages combined with recent supply constraints,
derived in Nottingham from construction costs currently exceeding investment
values, should support the returns from and investment values for this asset
class over the coming year.
Elsewhere at TIQ
At 1 TIQ, full management control, including the direct employment of the
local operational team, was granted to Rhubarb for an initial ten-year term
commencing on 1 October 2025. Rhubarb are being remunerated by way of a
revenue sharing arrangement, which as a replacement for the former management
team, is expected to be cost neutral in the short term. Cost savings and
increased revenue generation are envisaged over time by way of the improved
purchasing power of the Rhubarb procurement team and their extensive
experience in the hospitality sector. However, the Chancellor's decision to
materially increase both the minimum wage and business rates, in addition to
the earlier and substantial uplift in employer's national insurance
contributions, continue to provide significant challenges to an already
stretched hospitality sector.
As a result of these changed arrangements, the restaurant and events income
and associated operational and administrative costs at 1 TIQ are no longer
separately reported within the income statement but rather reported, as the
Group's entitlement to a profit share. For the six months to 31 March 2026,
the Group has recognised a loss of £0.1 million from 1 TIQ, being the costs
associated with transferring the arrangements to Rhubarb, with the extent of
any profit share for the current financial year to be better considered once
the summer events season is further advanced.
Following Rhubarb's appointment, arrangements are also being progressed for
the expansion of the current offering at 1 TIQ to incorporate both a roof top
terrace and improved events provision. Furthermore, to drive revenue growth
and mitigate the high operational costs at TIQ we are looking at options,
including the possible use of the existing warehouses, to increase the
capacity for our well attended events and would hope to have further news in
that regard over the coming year.
Valuation
The fair value of TIQ, at 31 March 2026, has been considered by the Board by
reference to any changes in the assumptions set out in the reported 30
September 2025 Knight Frank valuation, progression of the project and the
recoverability of costs incurred since that date. During the period, no
planning permissions were granted or developments advanced and the cash
outlays have been minimal.
Whilst the increase in energy costs, resulting from the conflict in Iran,
could impact commercial property returns, by way of either weaker demand and
rental growth and / or higher interest rates putting upward pressure on
yields, providing the conflict is relatively short-lived we are hopeful that
the impact on values will be small.
Furthermore, the results achieved in the period from the restaurant and events
operations at 1 TIQ are substantially in line with the prior year, and
lettings at Winfield Court for the upcoming academic year, whilst progressing
steadily, will only be confirmed later in the year. As a result of this
inherent uncertainty, the fair value for TIQ at 31 March 2026 has prudently
been maintained, in line with the 30 September 2025 Knight Frank valuation, at
£89.5 million.
Outlook
Given the continuing geopolitical risk and macroeconomic volatility, we
anticipate a period of hesitation for UK real estate, the extent of which
depends on any further conflict escalation and the resultant longer-term
impact on energy costs. However, the 2026 real estate landscape is
characterized by resilience, with the industry navigating a "new normal" of
uncertainty.
With investors prioritising high quality and sustainable investments,
alternative capital sources filling the funding gap left by traditional
institutional investment, and UK residential and commercial property values
supported by a softer development pipeline, we are optimistic that
opportunities will evolve over the coming years which should enable us to
maximise the returns from TIQ.
N J
Hamway
R T E Ware
Chairman
Chief Executive
Financial review
Net asset value
During the six months ended 31 March 2026, the Group's NAV increased by £12.8
million to £54.3 million (31 March 2025: £63.8 million; 30 September 2025:
£41.6 million). The primary gains in the period were a £15.1 million profit
from the sale of Rhosgoch, net income from the Group's operational assets of
£1.2 million and £0.6 million of property fair value adjustments. These
gains were partly offset by £1.9 million of administrative costs, including
£0.8 million of depreciation charges for the Group's property, plant and
equipment, £1.7 million of debt financing costs and a corporation tax charge
of £0.7 million.
Cash flow and financing
At 31 March 2026, the Group had cash deposits of £6.3 million and net
borrowings, including the accrued capital entitlement of the ZDP shares, of
£41.5 million (31 March 2025: cash of £7.0 million and net borrowings of
£59.7 million; 30 September 2025: cash of £3.2 million and net borrowings of
£53.6 million).
The cash deposits of the Group have increased in the period by £3.1 million.
Net proceeds of £18.4 million were received from the sale of Rhosgoch. This
cash inflow was offset by £1.4 million of debt servicing costs, £9.3 million
of bank loan repayments, £3.0 million to purchase circa 2.5 million ZDP
shares, £1.4 million of net operating and administrative costs and £0.2
million of 1 TIQ plaza improvement works.
As set out in the Chairman's and Chief Executive's statement, the Barclays
loan restructuring completed in March 2026 to extend the final repayment date
until 31 March 2027. Security for the loan is provided by Winfield Court and 1
TIQ with the loan to value covenant capped at 60%.
In October 2023, the Group placed 5 million ZDP shares at a price of £1.00
each. The ZDP shares have a life of five years and a final capital entitlement
of 153.86 pence payable on 4 October 2028. In January 2026, the Group
purchased 2,457,684 of those ZDP shares from third party investors to leave
2,542,316 ZDP shares remaining held outside of the Group.
As at the date of this report the Group remains compliant with all the
covenants as set out in the Barclays loan facility and the ZDP shares listing
document.
Net income from property activities Six months ended Year ended
31 Mar 2026 31 Mar 2025 30 Sept
£'m
£'m
2025
£'m
Rental and other income 2.6 1.9 3.2
Restaurants and events income - 2.2 5.3
Direct costs of rental income (1.4) (0.9) (2.0)
Property mobilisation costs - (0.1) (0.2)
Direct costs of restaurants and events income - (1.7) (3.9)
1.2 1.4 2.4
Gross proceeds from property sales 18.5 6.8 13.4
Cost of property sales (3.4) (0.4) (8.0)
Development costs written back - - 0.8
Total net income arising from operational property activities 16.3 7.8 8.6
With effect from 1 September 2025, the Group transferred the operational
management of 1 TIQ to Rhubarb. Under the new arrangements, the Group will, if
applicable, recognise a profit share through the income statement rather than
separately reporting, turnover, operating and administrative costs.
Administrative expenses
The administrative expenses for the period ended 31 March 2026 were £1.9
million, including £0.8 million of depreciation charges in connection with
the Group's property, plant and equipment assets (period ended 31 March 2025:
£2.7 million; year ended 30 September 2025: £5.3 million). The Board
continues to closely monitor these costs and will look to put into place
arrangements for their further reduction.
Taxation
Corporation tax of £0.7 million is projected to be payable for the current
year (period ended 31 March 2025: £nil; year ended 30 September 2025: £nil).
The current tax charge has been calculated on the profits projected to be
realised in the current year, primarily from the sale of Rhosgoch, after
allowing for available tax losses.
As a result of writing down the value of the properties and investment
properties under construction in the prior year no provisions are currently
required for deferred tax.
Winfield Court, 1 TIQ and investment properties under construction
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'m
£'m
£'m
Winfield Court 65.0 70.5 65.0
1 TIQ 6.8 11.1 6.8
Land and buildings for future development 17.7 25.6 17.7
Total 89.5 107.2 89.5
(1) The Group's properties and investment properties under construction
were valued by the Company's directors at 31 March 2026 and 31 March 2025 and
by Knight Frank LLP, in their capacity as external valuers, as at 30 September
2025. As set out in the Chairman's and Chief Executive's statement, the 31
March 2026 carrying values for these properties have been maintained at the
same amounts as advised by Knight Frank LLP at 30 September 2025.
Development and trading properties
31 Mar 31 Mar 30 Sept
2025
2026 2025
£'m
£'m £'m
Rhosgoch (2) - 2.5 3.3
Holyhead boatyard (3) 0.3 0.3 0.3
Holyhead Waterfront (4) - - -
Virgin Active gym, TIQ (5) - 7.5 -
Total 0.3 10.3 3.6
(1) Development and trading properties are stated at the lower of cost and
net realisable value.
(2) The Group's landholding at Rhosgoch was sold in November 2025 for net
proceeds of £18.4 million, to Stena Line Ports (UK) Limited, to realise a
profit in the current period of £15.1 million.
(3) In September 2024, the Group settled a claim for unpaid rent due from
one of its tenants whereby the arrears outstanding of £0.34 million were
settled by way of a transfer to the Company of a boatyard and surrounding land
adjoining our formerly owned development site in Holyhead. The boatyard is
operational, currently storing circa 120 boats, and generating gross annual
rents, before operational costs, of approximately £200,000 per annum. As part
of the settlement agreement, the Group has granted a 3-year lease of the
boatyard, at a peppercorn rent, to the same tenant whereby the funds generated
over the 3-year term will be utilised by the tenant in the removal and
clean-up of previously damaged pontoons. On expiry of the lease, the Company
will take occupation of and receive the full benefit of the future income
generated from the boatyard.
(4) The Group disposed of its development land and adjoining seabed at
Holyhead Waterfront to Stena for gross proceeds of £6.25 million in March
2025. This resulted in a profit of £6.2 million being realised in the prior
year.
(5) The site occupied by the Virgin Active gym at TIQ was sold in
September 2025 for net proceeds, after sales fees and rental top up payments,
of £6.5 million to realise a loss in the prior year of £1.0 million.
Going concern
The Group's liquidity and cash flow forecasts, looking ahead up to two years,
are considered at each Board meeting along with a review of tenant covenants
and rental collection performance. The Group has committed, and expects to
further commit, substantial amounts of cash to progress its mixed-use
development project at TIQ. However, it will always ensure that such
commitments are limited to the extent of its available resources. Furthermore,
to continue with the long-term progression of this project, the Group will
need to either raise substantial amounts as debt, from joint ventures or asset
sales. Whilst no arrangements in this regard are in place at the date of
signing these interim financial statements, discussions continue on various
fronts.
As at the date of this report, the Group remains compliant with the covenants
set out in the Barclays loan and the ZDP shares listing document. However, as
the restructured £38.8 million Barclays loan will expire on 31 March 2027,
the Directors will need to, over the coming year, further extend the existing
loan, arrange alternative debt or equity financing or sell property assets to
enable its repayment. Operations are currently being explored in this regard,
for which a positive outcome is anticipated as a result of the further
stabilisation of Winfield Court.
Furthermore, the sale of Rhosgoch in November 2025 significantly boosted the
working capital of the Group for the next two years, enabled both the
repayment of £9.3 million of the bank loans and purchase of approximately 50
per cent of the placed ZDP shares.
As such, the Directors have a reasonable expectation that the Company has, at
present, and will obtain, as required, adequate resources to continue in
operational existence for at least twelve months and so for this reason, they
continue to adopt the going concern basis in preparing the financial
statements.
Consolidated statement of comprehensive income
For the six months ended 31 March 2026
Six months ended Year ended
Note 31 Mar 2026 31 Mar 2025 30 Sept
Unaudited Unaudited 2025
£'000
£'000 Audited
£'000
Rental income 3 2,616 1,905 3,092
Restaurant and events income - 2,231 5,327
Other income - - 95
Proceeds on sale of development and trading properties 11 18,500 6,750 13,375
Revenue 21,116 10,886 21,889
Direct costs of rental income (1,414) (855) (1,983)
Direct costs of restaurant and events income (2) (1,712) (3,893)
Property mobilisation costs - (85) (169)
Costs on sale of development and trading properties (3,350) (428) (8,034)
Development costs written back - - 803
Other project costs written off - - (15)
Direct costs (4,766) (3,080) (13,291)
Gross profit 16,350 7,806 8,598
Fair value adjustment of property 9 614 696 (9,581)
Fair value adjustment of investment properties 10 (38) (117) (7,958)
under construction
Administrative expenses (1,864) (2,726) (5,270)
Operating profit / (loss) 15,062 5,659 (14,211)
Finance costs 5 (1,739) (3,019) (5,474)
Finance income 5 157 59 138
Profit / (loss) before taxation 13,480 2,699 (19,547)
Taxation 6 (723) - -
Profit / (loss) and total comprehensive 12,757 2,699 (19,547)
credit / (charge) for the period
Attributable to non-controlling interests (2) 1 1
Attributable to shareholders of the Company 12,759 2,698 (19,548)
Basic and diluted profit / (loss) per share 8 21.39p 4.52p (32.78)p
All of the activities of the Group are classed as continuing.
Consolidated statement of changes in equity
For the six months ended 31 March 2026
Share Capital Retained Total Non- Total
capital
redemption
earnings
£'000
controlling
equity £'000
£'000
reserve
£'000
interests
£'000
£'000
Changes in equity for the
six months ended 31 March 2025
At 1 October 2024 2,982 3,928 54,493 61,403 (283) 61,120
Profit for the period - - 2,698 2,698 1 2,699
Total comprehensive credit for the period - - 2,698 2,698 1 2,699
At 31 March 2025 2,982 3,928 57,191 64,101 (282) 63,819
Changes in equity for the
year ended 30 September 2025
At 1 October 2024 2,982 3,928 54,493 61,403 (283) 61,120
Loss for the year - - (19,548) (19,548) 1 (19,547)
Total comprehensive charge for the - - (19,548) (19,548) 1 (19,547)
year
At 30 September 2025 2,982 3,928 34,945 41,855 (282) 41,573
Changes in equity for the
six months ended 31 March 2026
At 1 October 2025 2,982 3,928 34,945 41,855 (282) 41,573
Profit for the period - - 12,759 12,759 (2) 12,757
Total comprehensive credit for the period - - 12,759 12,759 (2) 12,757
At 31 March 2026 2,982 3,928 47,704 54,614 (284) 54,330
Consolidated balance sheet
As at 31 March 2026
Note 31 Mar 2026 31 Mar 2025 30 Sept
Unaudited Unaudited 2025
£'000 £'000 Audited
£'000
Non-current assets
Property, plant and equipment 9 72,413 82,435 72,271
Investment properties under construction 10 17,750 25,550 17,750
90,163 107,985 90,021
Current assets
Development and trading properties 11 335 10,330 3,638
Inventories 12 - 85 -
Trade and other receivables 13 2,555 1,851 4,171
Tax asset 28 28 28
Cash and cash equivalents 6,316 7,014 3,192
9,234 19,308 11,029
Total assets 99,397 127,293 101,050
Current liabilities
Trade and other payables 14 2,851 3,823 5,907
Corporation tax 6 723 - -
Bank borrowings 16 38,655 54,402 48,013
42,229 58,225 53,920
Non-current liabilities
Provision for liabilities and charges 15 - - -
ZDP shares 17 2,838 5,249 5,557
2,838 5,249 5,557
Total liabilities 45,067 63,474 59,477
Net assets 54,330 63,819 41,573
Equity
Called up share capital 18 2,982 2,982 2,982
Capital redemption reserve 3,928 3,928 3,928
Retained earnings 47,704 57,191 34,945
Equity attributable to shareholders of the Company 54,614 64,101 41,855
Non-controlling interests (284) (282) (282)
Total equity 54,330 63,819 41,573
Net assets per share 20 91.6p 107.5p 70.2
Consolidated cash flow statement
For the six months ended 31 March 2026
Six months ended Year ended
31 Mar 2026 31 Mar 2025 30 Sept
Unaudited Unaudited 2025
£'000 £'000 Audited
£'000
Cash flows from operating activities
Operating profit / (loss) 15,062 5,659 (14,211)
Fair value adjustment of investment properties held for construction 38 117 7,958
Fair value adjustment of property (614) (696) 9,581
Development costs written back - - (803)
Loss on sale of plant and equipment - - 13
Profit on sale of development and trading properties (15,150) (6,322) (5,341)
Depreciation of property 647 - 1,295
Depreciation of plant and equipment 127 993 479
Cash flows from operations before changes in working capital 110 (249) (1,029)
Decrease in inventories - 10 95
Decrease / (increase) in trade and other receivables 1,616 1,289 (1,031)
Additions to development and trading properties (4) (4) -
Net proceeds from sale of development and trading properties 18,437 6,750 13,280
(Decrease) / increase in trade and other payables (3,156) (652) 1,365
Net cash flows generated from operations 17,003 7,144 12,680
Cash flows from investing activities
Additions to investment properties (36) (483) (471)
Additions to property, plant, machinery and office equipment (287) (43) (1,041)
Finance income 157 59 138
Cash flows used in investing activities (166) (467) (1,374)
Cash flows from financing activities
Net repayment of bank loans (9,276) (1,637) (8,243)
Purchase of ZDP shares (3,001) - -
Bank loan arrangement fees (8) (20) (84)
Interest paid (1,428) (2,671) (4,452)
Cash flows used in financing activities (13,713) (4,328) (12,779)
Net increase / (decrease) in cash and cash equivalents 3,124 2,349 (1,473)
Cash and cash equivalents at the start of the period 3,192 4,665 4,665
Cash and cash equivalents at the end of the period 6,316 7,014 3,192
Notes to the interim results
1. General information
The Conygar Investment Company PLC ("the Company") is incorporated in the
United Kingdom and domiciled in England and Wales, is registered at Companies
House under registration number 04907617, listed on the AIM market of the
London Stock Exchange and limited by shares.
The financial information set out in this report covers the six months to 31
March 2026, with comparative amounts shown for the six months to 31 March 2025
and the year to 30 September 2025, and includes the results and net assets of
the Company and its subsidiaries, together referred to as the Group.
Further information about the Group and Company can be found on its website
www.conygar.com.
2. Basis of preparation
The interim financial statements have been prepared in accordance with
International Accounting Standard ("IAS") 34 Interim Financial Reporting. The
accounting policies used in preparing the condensed financial information are
consistent with those of the annual financial statements for the year ended 30
September 2025 other than the mandatory adoption of new standards, revisions
and interpretations that are applicable to accounting periods commencing on or
after 1 October 2025, as detailed in the annual financial statements.
The condensed financial information for the six-month period ended 31 March
2026 and the six-month period ended 31 March 2025 has been reviewed but not
audited and does not constitute full financial statements within the meaning
of section 435 of the Companies Act 2006.
The financial information for the year ended 30 September 2025 does not
constitute the Group's statutory accounts for that period, but it is derived
from those accounts. Statutory accounts for the year ended 30 September 2025
have been delivered to the Registrar of Companies. Saffery LLP reported on
those accounts, their report was unqualified and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The board of directors approved the above results on 14 May 2026.
Copies of the interim report may be obtained from the Company Secretary, The
Conygar Investment Company PLC, Fora - Brock House, 19 Langham Street, London,
W1W 7NY.
3. Rental income
Six months ended Year ended
31 Mar 2026 31 Mar 2025 30 Sept
£'000 £'000 2025
£'000
Income from operating leases 2,616 1,905 3,092
4. Segmental information
IFRS 8 "Operating Segments" requires the identification of the
Group's operating segments which are defined as being discrete components of
the Group's operations whose results are regularly reviewed by the Board. The
Group divides its business into the following segments:
· Properties held for capital appreciation, rental income or both; and,
· Development properties, which include sites and developments under
construction held for sale in the ordinary course of business.
· Food, beverage and events operations up until 31 August 2025.
· Other, which includes items that do not fall into any one particular
segment but are instead applicable to the Group as a whole, including cash
balances and the ZDP shares.
Balance sheet
As at 31 March 2026 As at 31 March 2025
Property Development Food, Other Group Property Development Food,
£'000
properties
beverage
£'000
£'000
properties
beverage
£'000
and events total
£'000
and events Other Group
£'000
£'000
£'000
total
£'000
£'000
Property, plant 65,000 - 7,413 - 72,413 70,500 11,935 - 82,435
and equipment -
Investment properties 17,750 - - - 17,750 25,550 - - - 25,550
Development and - 335 - - 335 - 10,330 - - 10,330
trading properties
82,750 335 7,413 - 90,498 96,050 10,330 11,935 - 118,315
Other assets 3,938 265 69 4,627 8,899 2,309 612 429 5,628 8,978
Total assets 86,688 600 7,482 4,627 99,397 98,359 10,942 12,364 5,628 127,293
Liabilities (41,443) - - (3,624) (45,067) (49,565) (7,675) (634) (5,600) (63,474)
Net assets 45,245 600 7,482 1,003 54,330 48,794 3,267 11,730 28 63,819
Income statement
Six months ended 31 March 2026 Six months ended 31 March 2025
Property Development Food, Other Group Property Development Food,
£'000
properties
beverage
£'000
£'000
properties
beverage
£'000
and events total
£'000
and events Other Group
£'000
£'000
£'000
total
£'000
£'000
Revenue 2,616 18,500 - - 21,116 1,598 7,057 2,231 - 10,886
Direct costs (1,355) (3,409) (2) - (4,766) (945) (423) (1,712) - (3,080)
Gross profit / (loss) 1,261 15,091 (2) - 16,350 653 6,634 519 - 7,806
Fair value adjustment of property 599 - 15 - 614 613 - 83 - 696
Fair value adjustment of investment property (38) - - - (38) (117) - - - (117)
Administrative expenses - - (103) (1,761) (1,864) - - (908) (1,818) (2,726)
Operating profit / (loss) 1,822 15,091 (90) (1,761) 15,062 1,149 6,634 (306) (1,818) 5,659
Finance costs (1,428) - - (311) (1,739) (2,356) (356) - (307) (3,019)
Finance income - - - 157 157 - - - 59 59
(Loss) / profit 394 15,091 (90) (1,915) 13,480 (1,207) 6,278 (306) (2,066) 2,699
before taxation
Taxation - (723) - - (723) - - - - -
(Loss) / profit 394 14,368 (90) (1,915) 12,757 (1,207) 6,278 (306) (2,066) 2,699
after taxation
With effect from 1 September 2025, the Group transferred the operational
management of 1 TIQ to Rhubarb. Under the new arrangement, the Group will, if
applicable, report a share of profits rather than recognising turnover and
incurring operating expenses directly. The 1 TIQ asset remains owned by the
Group and continues to be depreciated in accordance with IAS 16. Previously, 1
TIQ was reported as a separate operating segment. Following the change, which
took effect from 1 September 2025, any profits derived from 1 TIQ will be
included within the "other" operations segment.
5. Finance costs and finance income
Finance costs Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Bank loan interest 1,242 2,434 4,332
Bank loan repayment fee 120 - -
Bank loan commitment fees - 14 25
Bank loan management and monitoring fees 3 7 11
Accrued capital entitlement of ZDP shares 221 244 490
Amortisation of bank loan / ZDP shares arrangement fees 126 320 616
Fees paid in connection with purchase of ZDP shares 27 - -
Total finance costs 1,739 3,019 5,474
Finance income Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Bank interest receivable 157 59 138
6. Taxation
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Current tax 723 - -
Deferred tax - - -
Total tax 723 - -
Current tax
The current tax charge has been calculated on the profits projected to be
realised in the current year, primarily from the sale of Rhosgoch, after
allowing for available tax losses.
Deferred tax
The Directors have assessed the potential deferred tax liability of the Group
in respect of chargeable gains that would be payable if the investment
properties were sold at their reported values at each period end. Based on the
unrealised chargeable gain of £nil at 31 March 2026, 30 September 2025 and 31
March 2025 no deferred tax liability has been recognised.
The Group will recognise a deferred tax asset for tax losses, held by group
undertakings, where the Directors believe it is probable that such an asset
will be recovered. No deferred tax assets were recognised in any of the
periods set out in this interim report.
7. Dividends
No dividends will be paid in respect of the six-month period ended 31 March
2026 and none were paid in the six-month period ended 31 March 2025 or the
year ended 30 September 2025.
8. Earnings per share
Earnings per share is calculated as the profit attributable to ordinary
shareholders of the Company for the period ended 31 March 2026 of £12,759,000
(period ended 31 March 2025: profit of £2,698,000; year ended 30 September
2025: loss of £19,548,000) divided by the weighted average number of shares
in issue throughout each period of 59,638,588. There are no diluting amounts
in either the current or prior periods.
9. Property, plant and equipment
Property
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
At the start of the period 71,750 81,650 81,650
Additions 33 90 976
Depreciation (647) (786) (1,295)
Fair value adjustment 614 696 (9,581)
At the end of the period 71,750 81,650 71,750
The Group's investment in property comprises the restaurant and events venue
at 1 TIQ and the Winfield Court student accommodation.
Land and buildings are stated, at each balance sheet date, at revalued amounts
less any depreciation or impairment losses subsequently accumulated. Land is
not depreciated. Depreciation on revalued buildings is recognised using the
straight-line basis and results in the carrying amount, less the residual
value, being expensed through the income statement over their estimated useful
lives of 50 years.
As set out in the Chairman's and Chief Executive's statement, with student
lettings progressing steadily at Winfield Court, returns from 1 TIQ performing
as anticipated and the current uncertainty around the macroeconomic outlook,
the fair values for Winfield Court and 1 TIQ, as at 31 March 2026, have been
maintained, in line with the 30 September 2025 Knight Frank valuation, at £65
million and £6.75 million respectively.
As at 30 September 2025, Winfield Court and 1 TIQ were valued by Knight Frank
LLP in their capacity as external valuer. The valuations were prepared on a
fixed fee basis, independent of the property value and undertaken in
accordance with RICS Valuation - Global Standards on the basis of fair value,
supported by reference to market evidence of transaction prices for similar
properties. They assumed a willing buyer and a willing seller in an arm's
length transaction and reflected usual deductions in respect of purchaser's
costs and SDLT as applicable at the valuation date. The independent valuer
made various assumptions including future rental and other income, operational
costs and the appropriate discount rate or yield.
Plant and equipment
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Cost
At the start of the period 1,661 1,642 1,642
Additions 269 47 65
Disposals - (5) (46)
At the end of the period 1,930 1,684 1,661
Depreciation
At the start of the period 1,140 694 693
Charge for the period 127 208 479
Disposals - (3) (32)
At the end of the period 1,267 899 1,140
Carrying amount at the end of the period 663 785 521
During the current period and prior year, the Group acquired plant, machinery
and office equipment required to operate the restaurant, beverage and events
venue at 1 TIQ and provide gym equipment for Winfield Court.
Depreciation is recognised so as to write off the cost of these assets, over
their estimated useful economic lives, using the straight-line method at 25%
per annum.
10. Investment properties under construction
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
At the start of the period 17,750 25,550 25,550
Additions 38 117 158
Fair value adjustments (38) (117) (7,958)
At the end of the period 17,750 25,550 17,750
Investment properties under construction comprise freehold land and buildings
at TIQ which are held for current or future development as investment
properties and reported in the balance sheet at fair value.
Valuations of the Group's investment properties under construction are
inherently subjective as they are based on assumptions which may not prove to
be accurate and which, as a result, are subject to material uncertainty. This
is particularly true for TIQ given its scale, lack of comparable evidence and
the early-stage position of this substantial development. As such, relatively
small changes to the underlying assumptions of key parameters, such as rental
levels, net initial yields, construction costs, finance costs and void periods
can have a significant impact both positively and negatively on the resulting
valuation as evidenced in the prior year.
As set out in the Chairman's and Chief Executive's statement, the reported
fair value of TIQ as at 31 March 2026 has been provided by the Board by
reference to any changes in the assumptions set out in the reported 30
September 2025 valuation provided by Knight Frank LLP, progression of the
project and the recoverability of costs incurred since that date. During the
period, no planning permissions were granted or developments advanced and the
cash outlays in respect of the project have been minimal.
Whilst there remains significant uncertainty, the assumptions, when appraised
as a whole, are not currently considered by the Board to be materially
different to those envisaged as at 30 September 2025. As such, the fair value
at 31 March 2026 for the TIQ undeveloped land has been maintained at £17.75
million.
In preparing their 30 September 2025 valuation, Knight Frank utilised market
and site-specific data, their own extensive knowledge of the real estate
sector, professional judgement and other market observations as well as
information provided by the Company's executive directors. The resulting
models and assumptions therein were also reviewed for overall reasonableness
by the Conygar Board. Inevitably in a complex model like this, and as noted
above, variations in assumptions can lead to widely differing values.
The Knight Frank LLP valuation at 30 September 2025 was prepared on a fixed
fee basis, independent of the property value and undertaken in accordance with
RICS Valuation - Global Standards on the basis of fair value, supported by
reference to market evidence of transaction prices for similar properties. It
assumed a willing buyer and a willing seller in an arm's length transaction
and reflected usual deductions in respect of purchaser's costs and SDLT as
applicable at the valuation date. The independent valuer made various
assumptions including future rental income, anticipated void costs and the
appropriate discount rate or yield.
The fair value of TIQ has been determined using an income capitalisation
technique whereby contracted rent and market rental values are capitalised
with a market capitalisation rate. This technique is consistent with the
principles in IFRS 13 and uses significant unobservable inputs, such that the
fair value has been classified in all periods as Level 3 in the fair value
hierarchy as defined in IFRS 13. For TIQ, the key unobservable inputs are the
net initial yields, construction costs, rental income rates, construction
financing costs and expiry void periods. Principal sensitivities of
measurement to variations in the significant unobservable outputs are that
decreases in net initial yields, construction costs, financing costs and void
periods will increase the fair value whereas reductions to rental income rates
would decrease the fair value.
The historical cost of the Group's investment properties under construction as
at 31 March 2026 was £43,423,000 (31 March 2025: £43,344,000; 30 September
2025: £43,385,000).
11. Development and trading properties
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
At the start of the period 3,638 10,710 10,710
Additions - - 4
Disposals (1) (3,303) (380) (7,879)
Development costs written back - - 803
At the end of the period (2) 335 10,330 3,638
1. On 7 November 2025, the Group completed the sale of its land
holding at Rhosgoch in Anglesey to Rhosgoch Property Ltd, a wholly owned
subsidiary of Stena Line (UK) Ltd for gross proceeds of £18.5 million to
realise a profit in the period of £15.1 million.
2. On 10 September 2024, the Group settled a claim for unpaid rent due
from one of its tenants whereby the arrears outstanding of £0.33m were
settled by way of a transfer to the Company of a boatyard and surrounding land
in Holyhead. The boatyard is operational, currently storing circa 120 boats,
and generating gross rents, before operational costs, of approximately
£200,000 per annum. As part of the settlement agreement, the Group has
granted a 3 year lease of the boatyard, at a peppercorn rent, to the same
tenant whereby the funds generated over that 3 year period will be utilised by
the tenant to repair previously damaged pontoons. On expiry of the 3 year
lease, the Company will take occupation of and receive the full benefit of the
income generated from the boatyard.
Development and trading properties are reported in the balance sheet at the
lower of cost and net realisable value. The net realisable value of properties
held for development requires an assessment of the underlying assets using
property appraisal techniques and other valuation methods. Such estimates are
inherently subjective as they are made on assumptions which may not prove to
be accurate and which can only be determined in a sales transaction.
12. Inventories
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Food and drink - 85 -
Inventories recognised as an expense in the period ended 31 March 2026
totalled £nil (period ended 31 March 2025: £597,000; year ended 30 September
2025: £1,414,000).
With effect from 1 September 2025, the operational management of 1 TIQ was
transferred to Rhubarb. Under the new arrangement, the Group earns a share of
profits rather than recognising turnover and incurring operating expenses
directly.
13. Trade and other receivables
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Trade receivables 1,481 947 3,593
Other receivables 738 137 103
Prepayments and accrued income 336 767 475
2,555 1,851 4,171
Trade and other receivables are measured on initial recognition at fair value,
and are subsequently measured at amortised cost using the effective interest
rate method, less any impairment. Impairment is calculated using an expected
credit loss model.
Trade receivables, as at 31 March 2026, includes £1.5 million of rent charged
annually in advance, to the tenants at Winfield Court, to be collected by
instalments over the current academic year (31 March 2025: £0.9 million; 30
September 2025: £3.3 million).
Other receivables, as at 31 March 2026, includes £0.6 million of VAT due from
HMRC expected to be repaid in May 2026.
14. Trade and other payables
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Social security and payroll taxes 47 133 103
Trade payables 356 657 404
Other payables 14 1,402 457
Accruals and deferred income 2,434 1,631 4,943
2,851 3,823 5,907
Trade and other payables are recognised initially at fair value, and are
subsequently measured at amortised cost using the effective interest rate
method.
Deferred income, as at 31 March 2026, includes £1.9 million of deferred rent,
charged annually in advance to the tenants at Winfield Court, and collected by
4 instalments over the current academic year (31 March 2025: £1.2 million; 30
September 2025: £4.3 million).
15. Provision for liabilities and charges
The Group was party to a services agreement in connection with TIQ. The date
for calculation of any fee payable under this agreement was extended until 30
June 2025. However, the reduction in value of the Group's property assets
resulted in no amount being payable and there has been no further extension to
the calculation date. As a result, no provisions are reported for the Group
for any of the reporting periods.
16. Borrowings
Barclays
31 Mar 2026 30 Sept 2025
Drawn £'000 Undrawn £'000 Total £'000 Drawn £'000 Undrawn £'000 Total £'000
At the start of the period 42,684 916 43,600 44,320 3,180 47,500
Cancelled in the period - (916) (916) - (900) (900)
Repaid in the period (3,884) - (3,884) (3,000) - (3,000)
Drawdown in the period - - - 1,364 (1,364) -
At the end of the period 38,800 - 38,800 42,684 916 43,600
Less unamortised loan arrangement fees (145) - (145) (25) - (25)
38,655 - 38,655 42,659 916 43,575
ASK
31 Mar 2026 30 Sept 2025
Drawn £'000 Undrawn £'000 Total £'000 Drawn £'000 Undrawn £'000 Total £'000
At the start of the period 5,393 - 5,393 12,000 - 12,000
Repaid in the period (5,393) - (5,393) (6,607) - (6,607)
At the end of the period - - - 5,393 - 5,393
Less unamortised loan arrangement fees - - - (39) - (39)
- - - 5,354 - 5,354
Total borrowings
31 Mar 2026 30 Sept 2025
Drawn £'000 Undrawn £'000 Total £'000 Drawn £'000 Undrawn £'000 Total £'000
At the start of the period 48,077 916 48,993 56,320 3,180 59,500
Cancelled in the period - (916) (916) - (900) (900)
Repaid in the period (9,277) - (9,277) (9,607) - (9,607)
Drawdown in the period - - - 1,364 (1,364) -
At the end of the period 38,800 - 38,800 48,077 916 48,993
Less unamortised loan arrangement fees (145) - (145) (64) - (64)
Total borrowings 38,655 - 38,655 48,013 916 48,929
On 31 March 2026, the development loan provided by Barclays was restructured
to extend the final repayment date until 31 March 2027. The restructuring
retains the loan facility at £38.8 million, following a £3.9 million part
repayment in December 2025, and caps the loan to value covenant at no more
than 60%. This will enable the further letting and stabilisation of Winfield
Court, the student accommodation development at TIQ, which in addition to 1
TIQ, the food, beverage and events venue in Nottingham, provides security for
the loan.
In November 2025, the remaining £5.4 million loan from ASK was fully repaid
and the loan facility cancelled.
At the date of this report, the Group remains compliant with all the Barclays
debt covenants and will look to progress the repayment or refinancing of this
facility, as required, later in the year.
Reconciliation of liabilities to cash flows from financing activities
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Bank borrowings at the start of the period 48,013 55,850 55,850
Cash flows from financing activities:
Bank borrowings repaid (9,277) (3,000) (9,607)
Bank borrowings drawn - 1,364 1,364
Loan arrangement fees paid (5) (67) (84)
Non-cash movements:
Amortisation of loan arrangement fees 64 256 490
Movement in loan arrangement fee liabilities (140) (1) -
Bank borrowings at the end of the period 38,655 54,402 48,013
Current bank borrowings 38,655 54,402 48,013
Non-current bank borrowings - - -
38,655 54,402 48,013
17. ZDP shares
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
At the start of the period 5,557 4,941 4,941
Purchase of ZDP shares (3,003) - -
Amortisation of issue costs 63 64 126
Accrued capital 221 244 490
At the end of the period 2,838 5,249 5,557
On 3 October 2023, the Group placed 5 million ZDP shares, at a price of £1.00
per ZDP share (the "issue price"). The ZDP shares have a life of five years
and a final capital entitlement of 153.86 pence per ZDP share payable on 4
October 2028 (the "ZDP repayment date"), equivalent to a gross redemption
yield of 9.0 per cent. per annum on the issue price.
On 27 January 2026, 2,457,684 out of the 5 million placed ZDP shares,
including 746,658 previously subscribed for by the Directors, were acquired by
the Group at a price of £1.221 per ZDP share, being the accrued capital
entitlement of each ZDP share as at the date of purchase.
The accrued capital entitlement of the ZDP shares was 124.05p as at 31 March
2026.
The ZDP shares were admitted to the Official List of The International Stock
Exchange on 4 October 2023. The ISIN number of the ZDP Shares is GB00BMGBHD21
and the SEDOL code is BMH6RG9.
The fair value of the ZDP shares at 31 March 2026, based on the quoted bid
price at that date, was £3,102,000.
The ZDP shares do not carry the right to vote at general meetings of the
Company, although they carry the right to vote as a class on certain proposals
which would be likely to materially affect their position.
In line with the requirement, as set out in the listing document, the ZDP
cover was 2.3 times as at 31 March 2026.
18. Share capital
Number of shares allotted and called up: Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
At the start and end of each period 59,638,588 59,638,588 59,638,588
Nominal value of Ordinary shares of 5p each: Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
At the start and end of each period 2,982 2,982 2,982
19. Capital commitments
As at 31 March 2026, the Group had contracted capital commitments, not
provided for in the financial statements, of £0.9 million (31 March 2025:
£1.8 million; 30 September 2025: £0.9 million) in connection with the
section 106 contribution payable in relation to Winfield Court.
20. Net assets per share
Net assets per share is calculated as the net assets of the Group divided by
the number of shares in issue at each period end. There are no diluting or
adjusting amounts for the reported periods.
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Net assets attributable to the shareholders of the Company 54,614 64,101 41,855
No No No
Shares in issue 59,638,588 59,638,588 59,638,588
Net assets per share 91.6p 107.5p 70.2p
21. Key management compensation
Key management personnel have the authority and responsibility for planning,
directing and controlling the activities of the Group and are considered to be
the Directors of the Company. Amounts paid in respect of key management
compensation were as follows:
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2026
2025
2025
£'000
£'000
£'000
Short-term employee benefits 588 498 1,040
Independent review report to The Conygar Investment Company PLC
Conclusion
We have been engaged to review the condensed set of financial statements of
The Conygar Investment Company PLC ("the Company") and its subsidiaries ('the
Group') in the half-yearly financial report for the six months ended 31 March
2026 which comprises the consolidated statement of comprehensive income, the
consolidated statement of changes in equity, consolidated balance sheet,
consolidated cash flow statement and the related notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 March 2026 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the AIM Rules of the London Stock Exchange.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (ISRE) 2410 (UK), 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued for use in the
United Kingdom. A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK adopted IFRSs. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the basis for conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE 2410 (UK), however future events or conditions may cause the Company or
Group to cease to continue as a going concern.
Directors' responsibilities
The Directors are responsible preparing the half-yearly financial report in
accordance with International Accounting Standard 34, 'Interim Financial
Reporting' as adopted in the UK and AIM Rules of the London Stock Exchange.
In preparing the half-yearly financial report, the Directors are responsible
for assessing the Group and parent company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to
liquidate the Group or the parent company or to cease operations, or have no
realistic alternative but to do so.
Our responsibility
In reviewing the half-yearly financial report, we are responsible for
expressing to the Company a conclusion on the condensed set of financial
statements in the half-yearly financial report. Our conclusion, including our
conclusions relating to going concern, are based on procedures that are less
extensive than audit procedures, as described in the basis for conclusion
paragraph of this report.
Use of our report
This report is made solely to the parent company in accordance with the terms
of our engagement. Our review has been undertaken so that we might state to
the parent company those matters we are required to state to it in this report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the parent company for
our review work, for this report, or for the conclusions we have reached.
Saffery LLP
71 Queen Victoria Street,
London, EC4V 4BE
14 May 2026
Notes:
(a) The maintenance and integrity of The Conygar
Investment Company PLC website is the responsibility of the Directors; the
work carried out by the auditors does not involve consideration of these
matters and, accordingly, the auditors accept no responsibility for any
changes that may have occurred to the interim report since it was initially
presented on the website.
(b) Legislation in the United Kingdom governing the
presentation and dissemination of financial information may differ from
legislation in other jurisdictions.
The Directors of Conygar accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the Directors
of Conygar (who have taken all reasonable care to ensure that such is the
case) the information contained in this announcement is in accordance with the
facts and does not omit anything likely to affect the import of such
information.
For those individual shareholders that specifically requested to continue to
receive any document issued by the Company in paper format the arrangements
will continue as before whereby the Interim Report for the period ended 31
March 2026 will be posted to those shareholders shortly. For all other
shareholders, the Interim Report will be made available, as soon as
practically possible, via the Company's website.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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