IN BRIEF: Conygar completes land sale at Rhosgoch for GBP18.5 million

(Alliance News) - Conygar Investment Co PLC - London-based property developer - Announces that it completed the sale of its land holding at Rhosgoch, Anglesey, to Rhosgoch Property Ltd, Stena Line's wholly owned subsidiary, for GBP18.5 million. The company has repaid the GBP5.6 million ASK Partners loan secured against the 36-acre Island Quarter site in Nottingham City Centre, leaving the development land unencumbered. The remaining cash will be used for Conygar's ongoing operations and working capital. Conygar says it will record a profit of GBP15.8 million from the transaction.

Freddie Jones, Conygar's property director, said: "We are delighted to have completed the sale of this asset to Stena and to continue our strong working relationship with them. We now look forward to advancing our other operations."

Stock price: closed up 2.8% at 37.00 pence on Friday

12-month change: down 41%

By Roya Shahidi, Alliance News reporter

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