FISHGUARD WATERFRONT DEVELOPMENT

RNS Number : 9296C

Conygar Investment Company PLC(The)

25 January 2018

 

For immediate release

25 January 2018

THE CONYGAR INVESTMENT COMPANY PLC

FISHGUARD WATERFRONT DEVELOPMENT

The Conygar Investment Company PLC ("Conygar") announces that it is unable to progress its proposals for a mixed-use marina development at Fishguard, West Wales.

Outline planning permission for the development was granted in April 2012, subject to the signing of a S106 Agreement by both Conygar and Stena Line Ports Limited ("Stena"), the Fishguard harbour operator.  The planning consent gave Conygar permission to construct 253 residential apartments, a publicly-accessible promenade, a public slipway and a visitor centre and Stena to build a substantial platform that would facilitate the potential expansion of the existing port.

Conygar has been informed by Stena that they do not wish to have any further involvement in the proposed marina development and do not wish to proceed with the reclamation works of the harbour.  Stena state that they are concerned that the marina development will interfere with the operation of the harbour and their ferry operations.  They will also not support the promotion of the Harbour Revision Order, which is necessary to progress the development.

Stena's withdrawal means that the project cannot proceed.

Conygar will therefore write off £2m of incurred costs in the results for the six months ending 31 March 2018.  This write off equates to 3 pence per share.

Robert Ware, Chief Executive of Conygar, commented:

"We are disappointed that after nearly seven years of working in partnership with Stena, they have decided to withdraw their support for the Fishguard Waterfront Development, making it impossible for us to proceed with the plans. 

We firmly believe that the development would have been of significant benefit to the local community and to businesses in and around Fishguard and Goodwick."

Enquiries:

The Conygar Investment Company PLC

Robert Ware / Ross McCaskill: 020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Richard Bootle / Henry Freeman: 020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580

 

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