Conygar Inv Regulatory News (CIC)

22 Oct 2007 07:01

Conygar Investment Company PLC(The)22 October 2007 THE CONYGAR INVESTMENT COMPANY PLC HOLYHEAD WATERFRONT DEVELOPMENT JOINT VENTURE The Board of The Conygar Investment Company PLC ("Conygar") is pleased toannounce the creation of a joint venture, Conygar Stena Line Limited, with StenaLine Ports Limited ("Stena") in order to develop surplus non-operational landcurrently owned by Stena at Holyhead, Anglesey, Wales. It is intended that theland, which has in excess of half a mile of water frontage, will be redevelopedas a mixed use scheme to reflect the proposals of the Waterfront Strategy whichis being produced by the Isle of Anglesey County Council, the Welsh AssemblyGovernment and the Holyhead Forward Board (available to download atwww.holyheadforward.com). It is envisaged that the development will incorporateresidential, leisure, tourist and retail facilities, an expanded marinadevelopment with associated commercial and marine engineering elements. Both Conygar and Stena believe this exciting regeneration scheme will be a majorboost to the economy of the area, creating both employment opportunities andraising the profile of Holyhead as a visitor destination. The joint venturewill work in partnership with the Isle of Anglesey County Council, the WelshAssembly Government and the Holyhead Forward Board to ensure that the schemefits in with their strategy to deliver potential economic benefits and to ensureany developments benefit and compliment the natural beauty of the area. Conygar has committed £7 million to the joint venture company to financeplanning application and other associated costs with Stena contributing theland. Additional funding and development parties will be introduced as thescheme progresses. Robert Ware, Chief Executive of Conygar, commented: "We are delighted to have established this joint venture with Stena and lookforward to working closely with them, together with the Isle of Anglesey CountyCouncil, the Welsh Assembly Government and the Holyhead Forward Board to producean exciting development proposal which should bring significant benefits to thetown, the area and the region as a whole. This project complements our multi-use £100 million Martello Quays waterfrontdevelopment at Pembroke Dock and continues our strategy of expansion intowaterfront projects." For further information please contact: The Conygar Investment Company PLC Robert Ware 020 7408 2322 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