Conygar Inv Regulatory News (CIC)

19 October 2011

THE CONYGAR INVESTMENT COMPANY PLC

FISHGUARD WATERFRONT DEVELOPMENT PLANNING APPLICATION

The Conygar Investment Company PLC ("Conygar"), in conjunction with Stena Line Ports Limited ("Stena Line"), is pleased to announce that it is submitting this week a planning application to Pembrokeshire County Council for a mixed-use marina development at Goodwick, Fishguard in West Wales.

The main elements of the scheme include a 450 berth marina with workshops, stores and ancillary facilities; 253 new residential apartments incorporating extensive landscaped gardens and a 19 acre platform for the potential expansion of the existing Stena Line port. The scheme would also create a new, publicly-accessible promenade and waterfront, together with visitor parking.

Both Conygar and Stena Line believe that this exciting regeneration scheme will be a major boost to the economy of the area, creating an exciting visitor destination together with much needed employment opportunities. The granting of a planning consent will allow for a re-configuration and expansion of the port facilities to deliver further economic and commercial benefits and reaffirm the Stena Line commitment to ensuring Fishguard remains a thriving port. The end value of the development is expected to be in excess of £100 million.

The Crown Estate, owners of the sea bed, and Pembrokeshire County Council who own much of the surrounding harbour area, have welcomed the proposals and Neil Jacobson, Head of Coastal Operations, said:

"The proposed redevelopment would bring considerable long-term economic benefit to the area and we are pleased that this exciting proposal has been submitted to the County Council for consideration."

Robert Ware, Chief Executive of Conygar, commented:

"We are delighted to be working closely with Stena Line and extremely pleased by the support shown by both The Crown Estate and Pembrokeshire County Council. This exciting proposal will transform the area and bring significant benefits to the town and region as a whole. Clearly we expect a complex scheme of this nature to receive considerable scrutiny and the forthcoming planning process will undoubtedly result in a comprehensive assessment of the proposals, but we are hopeful the scheme will receive the backing we believe it deserves."

Michael McGrath, Stena Line Area Director, Irish Sea commented:

"We look forward to working with all the relevant parties concerned to move these projects forward which are critical to our business and the local economy."

Councillor John Davies, Leader of Pembrokeshire County Council said:

"The operation of Fishguard Harbour is central to the economy of the whole of the north of Pembrokeshire. There is no doubt that development is needed in order to secure the future of the ferryport and to provide and sustain jobs for the area. We look forward to receiving the proposals from Conygar and Stena. It is heartening that in these difficult financial times, major companies of this sort have sufficient confidence in Pembrokeshire to come forward with this sort of investment."

Enquiries:

The Conygar Investment Company PLC

Robert Ware: 020 7258 8670

Peter Batchelor: 020 7258 8670

Oriel Securities Limited (Nominated Adviser and Broker)

Michael Shaw: 020 7710 7600

Neil Langford: 020 7710 7600

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580