Conygar Investment Company Plc (LON:CIC) CFO Ross McCaskill talks to DirectorsTalk about the further investment from Miton Group (LON:MGR). Ross shares his thoughts on why Miton are increasing their position in the company and explains how the Nottingham project is progressing. Miton now hold a 15.12% interest in the company.
The Conygar Investment Company PLC is an AIM quoted property investment and development group dealing primarily in UK property. The group aims to invest in property assets where it can add significant value using it’s property management, development and transaction structuring skills.
The business operates three major strands being, property investment, property development and investment in companies which trade or invest in property or hold substantial property assets. The property portfolio and the investment in Regional REIT Limited generate cash flows sufficient to maintain the Group’s administrative costs while at the same time we are creating a pipeline of investment properties and development projects that are well positioned to deliver good returns in the medium term. We continue to focus upon positive cash flow and are prepared to use modest levels of gearing to enhance returns. Assets are recycled to release capital as opportunities present themselves and we will continue to buy back shares where appropriate. The Group is content to hold cash and adopt a patient strategy unless there is a compelling reason to invest.
Our strong balance sheet, with cash reserves and no debt, places us in a good position to take advantage of opportunities as they arise and we will make further acquisitions if it makes sense to do so. In the meantime, we will work hard to deliver the projects and investments we currently hold.