REG - Conygar Investmnt Co - Related Party Transactions

Conygar Investment CoAnnouncement

19/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231219:nRSS2049Xa&default-theme=true

RNS Number : 2049X  Conygar Investment Company PLC(The)  19 December 2023

 

The Conygar Investment Company PLC

("Conygar", the "Company" or the "Group")

 

Related Party Transactions

 

As notified in the full year results on 21 November 2023, Conygar entered into
a subscription and shareholders' agreement (the "Agreement") on 27 September
2023 with its 80% owned subsidiary, Conygar Bristol Limited ("Conygar
Bristol") and Urban & City Limited ("Urban & City") in respect of
profit-sharing arrangements in connection with the possible acquisition,
redevelopment and sale of the land at St Philips Marsh, Bristol.  Conygar
Bristol has purchased an option to acquire the St Philips Marsh site.  Urban
& City is wholly owned by Mr Miller-Cheevers who is a director of Conygar
Bristol and therefore both Urban & City and Mr Miller-Cheevers are related
parties of the Company pursuant to the AIM Rules.

 

Under the terms of the Agreement, Urban & City is entitled to 20% of any
profits from the ultimate potential development of the St Philips Marsh site
(after the repayment by Conygar Bristol of any indebtedness, including a
priority return to the Company). Also, as notified in the full year results Mr
Miller-Cheevers, by way of his wholly owned company Lavignac Securities
Limited ("Lavignac") (which is also a related party of the Company), has
received an introductory fee of £400,000 in relation to St Philips Marsh and
other fees from the Group to further progress The Island Quarter development
in Nottingham in addition to the Bristol project.  Such fees totalled
£200,000 in the year ended 30 September 2023 and continue to be paid at a
cost of £16,667 per month.

 

The Agreement and also the fees payable to Lavignac constitute related party
transactions pursuant to AIM Rule 13.  The Directors of Conygar consider,
having consulted with Liberum, the Company's Nominated Adviser, that the terms
of the transactions are fair and reasonable insofar as its shareholders are
concerned.

 

Enquiries:

 

The Conygar Investment Company PLC

 

Robert Ware: 0207 258 8670

David Baldwin: 0207 258 8670

 

Liberum Capital Limited (nominated adviser and broker)

 

Richard Lindley: 0203 100 2222

Jamie Richards: 0203 100 2222

 

Temple Bar Advisory (public relations)

 

Alex Child-Villiers: 07795 425580

Will Barker: 07827 960151

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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSBRBDDLGBDGXI