AIM Admission

Conygar Investment Company PLC(The)
23 October 2003

Not for release in or into the United States of America, Canada, Japan,
Australia or South Africa



23 October 2003


                       The Conygar Investment Company PLC

                 Admission to AIM and commencement of dealings


The Conygar Investment Company PLC is pleased to announce the admission to the
Alternative Investment Market of the London Stock Exchange of its Ordinary
Shares and the commencement of dealings therein.


Conygar was formed by Robert Ware, the former deputy chief executive of MEPC, as
a vehicle to acquire property assets and interests with development and
investment potential.   The executive directors of Conygar are Robert Ware,
Gavin Davidson and Peter Batchelor.



The Company's strategy will be to invest in assets and companies where the board
of Conygar believes it can add value through its expertise, and which the board
of Conygar believes is likely to result in strong capital growth. Conygar will
invest in assets and companies which meet the board of Conygar's fundamental
investment criterion of offering significant up-side potential for capital
growth over the medium and long-term.  The Company will have an active approach
to the management of its investments and the Directors will play an important
role in their medium and long-term development.



Robert Ware served first as corporate development director and then as deputy
chief executive of MEPC between June 1997 and June 2003.  Gavin Davidson will be
the property director of the Company.  Gavin was a director of MEPC, with
responsibility for MEPC's business parks portfolio, between May 1999 and June
2003.  Peter Batchelor, former company secretary and head of taxation and
corporate finance at MEPC, will be the finance director of the Company.



Michael Wigley and Nigel Hamway are the non-executive Directors of Conygar.
Michael was a stockbroker in the City of London from 1964 until his retirement
in 1999.  Michael is Deputy Chairman of the Legg Mason Investors International
Utilities Trust plc and a non-executive director of BFS Income and Growth Trust
plc.  Nigel has been a director of Charterhouse Development Capital since 1991.



The Directors believe that the credibility gained by the admission of the
Company's share capital to trading on AIM will enhance the Company's potential
to make investments, acquisitions and generally improve the Company's commercial
opportunities.



Conygar has raised £4.1 million via a placing, managed by Bridgewell, of
8,200,000 Ordinary Shares at a placing price of 50 pence per share.  In
addition, the Company has raised £0.5 million through a subscription for
1,000,000 Ordinary Shares at the Placing Price by Robert Ware (the 'Subscription
'). Following Admission, the Company is expected to have net funds available of
approximately £4.42 million.



The Directors of Conygar will be interested in 3,000,001 Ordinary Shares
representing approximately 32.6 per cent. of the issued ordinary share capital
of Conygar. Subject to certain exceptions, the Directors have agreed not to
dispose of any interests in the securities of the Company before the second
anniversary of Admission.



Options were granted to the Executive Directors over 1.25 million Ordinary
Shares on 22 October 2003, pursuant to the Conygar Investment Company Share
Option Plan.  The Options are subject to performance criteria, which, for all
Options granted, will require the Company's share price to increase by at least
20 per cent. compound per annum over a two year performance period.  For the
initial tranche of options granted on 22 October 2003, share price performance
will be measured taking the Placing Price as the starting point.  Further
details of the Option Scheme are contained in the admission document of Conygar.



Placing Statistics:


Placing Price                                                                         50 pence
Number of Ordinary Shares issued pursuant to the Placing                             8,200,000
Number of Ordinary Shares in issue on Admission                                      9,200,001
Gross proceeds of the Placing and the Subscription available to the Company      £4.60 million
Net proceeds of the Placing and the Subscription available to the Company        £4.45 million


Enquiries:

The Conygar Investment Company PLC

Robert Ware, Executive Chairman                                Tel: [phone]


Deloitte & Touche Corporate Finance


Adam Hall                                                      Tel: [phone]
Jonathan Hinton



Bridgewell Securities Limited


Ben Money-Coutts                                               Tel: [phone]



Finsbury



Faeth Birch                                                    Tel: [phone]



Deloitte & Touche Corporate Finance and Bridgewell are acting as nominated
adviser and broker respectively to Conygar. Deloitte & Touche Corporate Finance
is a division of Deloitte & Touche LLP.  Deloitte & Touche LLP and Bridgewell
are authorised and regulated by the Financial Services Authority in respect of
regulated activities.



The Directors of Conygar accept responsibility for the contents of this
announcement which has been approved by Deloitte & Touche LLP (whose principal
office is 1 Stonecutter Court, 1 Stonecutter Street, London EC4A 4TR) for the
purposes of section 21 of the Financial Services and Markets Act 2000.



To the best of the knowledge and belief of the Directors, 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 this announcement makes
no omission likely to affect the import of such information.



With the exception of any responsibility arising from the approval for the
purposes of section 21 of the Financial Services and Markets Act 2000, Deloitte
& Touche LLP have not undertaken, and will not owe, any other duty to any person
in relation to this announcement save for Conygar, to whom they have acted as
financial advisers only.



Prices and values of, and income from, shares may go down as well as up. This
announcement does not constitute or form part of, and should not be construed
as, an offer, invitation or inducement to purchase or subscribe for any
securities nor shall it or any part of it form the basis of, or be relied upon
in connection with, any contract or commitment whatsoever.



This announcement does not constitute a recommendation regarding the securities
of Conygar and does not constitute, and is not to be taken as constituting, the
giving of investment advice by either Deloitte & Touche LLP or Bridgewell.



Copies of the admission document for Conygar will be available during normal
business hours on any weekday (except public holidays) at the offices of
Macfarlanes, 10 Norwich Street, London EC4A 1BD for a period of one month from
today.



This announcement and the information contained herein is not for publication,
distribution or release in or into the United States of America, Canada, Japan,
Australia or South Africa.




Definitions



The following definitions apply throughout this announcement, unless the context
requires otherwise:


'Admission'                                  the admission of the Ordinary Shares to trading on AIM
'AIM'                                        the Alternative Investment Market of the London Stock
                                             Exchange
'AIM Rules'                                  the rules of AIM
'Bridgewell'                                 Bridgewell Securities Limited
'Conygar' or 'Conygar Investments' or the '  The Conygar Investment Company PLC
Company'
'Directors'                                  the directors of the Company, being the Executive Directors
                                             and Non-executive Directors
'Executive Directors'                        Robert Ware, Peter Batchelor and Gavin Davidson
'London Stock Exchange'                      London Stock Exchange plc
'MEPC'                                       MEPC Limited (formally MEPC plc)
'Non-executive Directors'                    Michael Wigley and Nigel Hamway
'Options'                                    options over Ordinary Shares pursuant to the Option Scheme
'Option Scheme'                              The Conygar Investment Company Share Option Plan
'Ordinary Shares'                            ordinary shares of 5p each in the Company
'Placing'                                    the placing by Bridgewell of up to 9,999,999 Ordinary Shares




                      This information is provided by RNS
            The company news service from the London Stock Exchange