Conygar Inv Regulatory News (CIC)

31 Mar 2008 12:02

Conygar Investment Company PLC(The)31 March 2008 31 March 2008 THE CONYGAR INVESTMENT COMPANY PLC ACQUISITION OF MINORITY INTEREST AND ADDITIONAL LISTING The Board of The Conygar Investment Company PLC ("Conygar") is pleased toannounce that today it exchanged contracts to purchase the 33.33% of MartelloQuays Limited ("Martello") that it does not already own. The total consideration for the acquisition is £3,172,500 which will be paid asto £600,000 in cash and the balance through the issue to the vendors of1,500,000 new ordinary shares in Conygar at a price of 171.5 pence per share.The contracts are conditional upon the new shares being admitted to trading onAIM. Following completion, Conygar will now own 100% of Martello which is thedeveloper of Pembroke Dock Waterfront. This waterfront development is expectedto create a 260 berth marina, 146 houses, 304 apartments with associated leisureand retail facilities and an end value in excess of £100 million. Planningapproval for the development was obtained on 21 February 2008 and the projecthas moved to the detailed legal and planning phase. Application has been made for the 1,500,000 new ordinary shares allottedpursuant to the above transaction to be admitted to trading on AIM. Theseshares will rank pari passu in all respects with the existing ordinary sharesand admission is expected to become effective on 4 April 2008. For further information please contact: The Conygar Investment Company PLCRobert Ware / Peter Batchelor - 020 7408 2322 Oriel Securities Limited (Nominated Adviser)Malcolm Strang / Michael Shaw - 020 7710 7600 The directors of Conygar accept responsibility for the information contained inthis announcement. To the best of the knowledge and belief of the directors ofConygar (who have taken all reasonable care to ensure that such is the case) theinformation contained in this announcement is in accordance with the facts anddoes 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