Grant of Options

Conygar Investment Company PLC(The)
20 January 2005


20 January 2005

                       THE CONYGAR INVESTMENT COMPANY PLC

                                GRANT OF OPTIONS


Further to the announcement of 16 December 2004, regarding the resignation of
Gavin Davidson as a director of The Conygar Investment Company PLC ('Conygar' or
the 'Company'), the Remuneration Committee of Conygar has reallocated 312,500
options previously held by Mr Davidson over ordinary shares in the capital of
the Company as follows:
     
1.   Options over 62,500 ordinary shares have been granted to Peter Batchelor, 
     Finance Director, at a price of 69p per ordinary share.  The options are 
     exerciseable from 17 December 2006 and will lapse on 17 December 2014. Mr.
     Batchelor now holds a total of 375,000 shares under option.
     
2.   Options over 250,000 ordinary shares have been granted to Stephen Vaughan, 
     Executive Director, at a price of 69p per ordinary share. The options
     are exerciseable from 17 December 2006 and will lapse on 17 December 2014. 
     Mr. Vaughan now holds a total of 380,000 shares under option.

The options have been granted pursuant to the rules of The Conygar Investment
Company Share Option Plan and will subject to performance criteria which will
require the Company's share price to increase by at least 20 per cent. compound
per annum in comparison to the exercise price.

Following, the grant of options to Peter Batchelor and Steven Vaughan, the total
number of ordinary shares under option remains unchanged from the position at 30
September 2004.


For further information please contact:

The Conygar Investment Company PLC

Robert Ware     - 020 7629 6900
Peter Batchelor

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.


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