Interim Results

Conygar Investment Company PLC(The) 13 June 2006 13 June 2006 The Conygar Investment Company PLC ('Conygar' or the 'Company') Interim Results for the six months ended 31 March 2006 Conygar Investment Company PLC, the property company, announces its interim results for the six months to 31 March 2006 Chairman's Statement I am pleased to announce a period of significant progress for the company. During the last six months, we raised £10.31 million through a placing of ordinary shares at 116 pence per share. This was carried out in order to satisfy investor demand, widen the ownership of the company's shares and to strengthen the company's balance sheet. At the same time, it was decided to reorganise the board in order to reflect the new scale of the company and to give greater clarity and focus to the business. I agreed to become non-executive chairman with Robert Ware becoming chief executive. On 28 April 2006, we exchanged contracts to acquire a terrace of fourteen office properties in Bedford Square, London WC1 for a total cash consideration (including costs) of £57.81 million. The Royal Bank of Scotland provided a £52.75 million non-recourse structured finance facility whilst the company invested around £4.95 million in equity with the balance of consideration provided from a third party investment. The transaction completed on 15 May 2006. The properties comprise approximately 95,516 square feet of office accommodation of which 11,952 square feet is currently vacant and which represents a refurbishment opportunity. Current income is approximately £2.62 million per annum. Several of the properties are currently being marketed and are attracting considerable interest. The company will be entitled to 75 per cent of any profit realised. Progress continues apace with the £100 million marina development at Pembroke Dock waterfront in which we hold a 50 per cent interest. Work in obtaining planning consent is ongoing and we are aiming to make significant progress towards securing consent by the end of this year. That said, we remain cautious as the planning process can be frustrating, however there is a considerable will at local level to see this project move forward, a fact from which we draw much comfort. We are expecting this project to progress significantly over the next six months and so hope to be in a position where we can give a more detailed update with our full year results. During the period, the company recorded a small loss of £37,000. Cash balances at 31 March 2006 amounted to £15.67 million including our share of cash held in joint ventures. The company continues to control administrative overhead by undertaking as much work in-house as possible in order to avoid incurring excessive professional fees. This is particularly important where the company is seeking opportunities, many of which will not meet our criteria in terms of risk and return. Prospects The board continues to be confident about the future prospects of the company and in particular given the recent acquisition of properties in Bedford Square. Combined with the marina development at Pembroke Dock waterfront and the continuing pipeline of opportunities, the company is well positioned. As always we will continue to keep shareholders informed of progress. N J Hamway Chairman 12 June 2006 The Conygar Investment Company PLC Consolidated Profit and Loss Account For the six months ended 31 March 2006 Unaudited Audited Six months ended Year Ended 31 March 2006 31 March 2005 30 Sept 2005 Notes £'000 £'000 £'000 Turnover Group and share of joint venture's turnover - 80 9,691 Less share of joint venture's turnover - (80) (9,179) - - 512 Cost of Sales - - (397) Gross Profit - - 115 Administrative expenses (150) (127) (399) Operating Loss (150) (127) (284) Share of operating (loss) / profit of joint (2) 72 963 venture (152) (55) 679 Income from current asset investments - 24 24 Interest receivable and similar income Group 97 71 121 Joint Venture 18 5 23 Interest payable and similar charges Group - - - Joint Venture - (67) (320) (Loss) / Profit on Ordinary Activities before Taxation (37) (22) 527 Taxation on (loss) / profit on ordinary - - (171) activities (Loss) / Profit on Ordinary Activities after (37) (22) 356 Taxation Dividends - - - (Loss) / Profit for the Financial Period (37) (22) 356 Earnings per share (pence) 2 Basic (0.36)p (0.23)p 3.66p Fully diluted (0.33)p (0.21)p 3.43p Turnover and operating profit in all periods relate wholly to continuing activities. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the profit and loss account. The Conygar Investment Company PLC Consolidated Balance Sheet As at 31 March 2006 Unaudited Audited Six months ended Year Ended 31 March 2006 31 March 2005 30 Sept 2005 £'000 £'000 £'000 Fixed Assets Tangible Fixed Assets 3 - 4 Investment in joint venture Share of gross assets 497 7,186 687 Share of gross liabilities (215) (5,076) (223) 282 2,110 464 285 2,110 468 Current Assets Debtors 85 90 60 Investments - 364 - Cash at bank 15,190 2,334 4,839 15,275 2,788 4,899 Current liabilities Creditors: amounts falling within one year 47 44 135 Net Current Assets 15,228 2,744 4,764 Total assets less current liabilities 15,513 4,854 5,232 Capital and reserves Called-up equity share capital 932 486 486 Share premium account 14,294 4,427 4,427 Profit and loss account 282 (59) 319 Equity Shareholders' Funds 15,508 4,854 5,232 Minority Interest 5 - - Total Equity 15,513 4,854 5,232 The comparative figures for the year ended 30 September 2005 are an extract of the company's statutory accounts for that financial period. Those accounts have been reported upon by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The Conygar Investment Company PLC Reconciliation of Movements in Equity Shareholders' funds For the six months ended 31 March 2006 Unaudited Audited Six months ended Year Ended 31 March 2006 31 March 2005 30 Sept 2005 £'000 £'000 £'000 (Loss) / Profit for the period attributable to (37) (22) 356 shareholders Dividends - - - (37) (22) 356 Issue of share capital (net of expenses) 10,313 - - Net movement in equity shareholders' funds 10,276 (22) 356 Opening equity shareholders' funds 5,232 4,876 4,876 Closing equity shareholders' funds 15,508 4,854 5,232 The Conygar Investment Company PLC Consolidated Cash Flow Statement For the six months ended 31 March 2006 Unaudited Audited Six months ended Year Ended 31 March 2006 31 March 2005 30 Sept 2005 Notes £'000 £'000 £'000 Net cash (outflow) / inflow from operating a (238) (106) 231 activities Returns on the investments and servicing of finance Dividend received from joint venture 200 - - Other dividends received - 10 34 Interest received 95 78 127 Net cash flow from returns on investments 295 88 161 and servicing of finance Cash inflow / (outflow) before management of 57 (18) 392 liquid resources and financing Management of liquid resources (Increase) / Decrease in funds placed on short (46) 2,355 2,308 term deposit Acquisitions and disposals Investment in joint venture (19) (2,100) (1) Capital expenditure - - (4) Financing Issue of equity share capital 446 - - Share premium on issue of equity share capital 9,867 - - Net cash inflow from financing 10,313 - - Increase in cash b 10,305 237 2,695 Notes to the Consolidated Cash Flow Statement For the six months ended 31 March 2006 a) Reconciliation of operating loss to net cash outflow from operating activities Unaudited Audited Six months ended Year Ended 31 March 2006 31 March 2005 30 Sept 2005 £'000 £'000 £'000 Operating loss (150) (127) (284) Increase / (Decrease) in debtors - (28) 9 Decrease in current asset investments - 33 397 (Decrease) / Increase in creditors (88) 16 109 Net cash (outflow) / inflow from operating activities (238) (106) 231 b) Reconciliation of net cash flow to movement in net funds Unaudited Audited Six months ended Year Ended 31 March 2006 31 March 2005 30 Sept 2005 £'000 £'000 £'000 Increase in cash in the period 10,305 237 2,695 Cash (inflow)/outflow to short term deposits 46 (2,355) (2,308) Movement in net funds 10,351 (2,118) 387 Opening net funds 4,839 4,452 4,452 Closing net funds 15,190 2,334 4,839 c) Analysis of changes in net funds At At 1 October 2005 Cashflows 31 March 2006 £'000 £'000 £'000 Net cash: Cash in hand and at bank 2,747 10,305 13,052 Short term deposits* 2,092 46 2,138 Net funds 4,839 10,351 15,190 * Short term deposits are included within cash at bank in the balance sheet. The Conygar Investment Company PLC Notes to the Interim Results For the six months ended 31 March 2006 1. Basis of Preparation The interim results for the period ended 31 March 2006 have been prepared in accordance with applicable United Kingdom accounting standards and are unaudited. They do not comprise full financial statements within the meaning of the Companies Act 1985 and have neither been reported upon by the auditors under Section 235 of the Companies Act 1985 nor reviewed in accordance with Accounting Practice Board Bulletin 1999/4. The board of directors approved the above results on 12 June 2006. Copies of the interim report may be obtained from the Company Secretary, The Conygar Investment Company PLC, First Floor, 122 Wigmore Street, London W1U 3RX. 2. Earnings per Share The calculation of earnings per ordinary share is based on the loss after tax of £37,000 and on the number of shares in issue being the weighted average number of shares in issue during the period of 10,310,621. The weighted average number of shares on a fully diluted basis was 11,065,621. No adjustment has been made in respect of the exercise of options which were anti-dilutive throughout the period. The total number of ordinary shares in issue at the date of this report was 18,649,406. Enquiries The Conygar Investment Company PLC Robert Ware 020 7725 0360 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. This information is provided by RNS The company news service from the London Stock Exchange

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