TIDMCIC
RNS Number : 9631K
Conygar Investment Company PLC(The)
28 December 2022
28 December 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OR ANY
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL
APPLICABLE SECURITIES LAWS OR REGULATIONS.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"). UPON PUBLICATION OF THIS
ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN FOR THE PURPOSES OF MAR. THE PERSON RESPONSIBLE FOR
ARRANGING THE RELEASE OF THIS ANNOUNCEMENT ON BEHALF OF THE COMPANY
IS DAVID BALDWIN.
THE CONYGAR INVESTMENT COMPANY PLC (THE "COMPANY")
NEW DEBT FACILITIES AND PROPOSED ZDP ISSUE
New Debt Facilities
The Board is pleased to announce that a wholly owned subsidiary
of the Company has entered into a new facilities agreement with
Barclays Bank PLC ("Barclays") comprising a development facility
and an investment facility (together the "Facilities") up to
GBP47.5 million in aggregate. The Facilities will enable the
completion of the construction, targeted by the summer of 2024, and
subsequent letting of the 693-bed student accommodation development
at The Island Quarter site in Nottingham, and are secured solely
against that development area.
The maximum term of the combined facilities is 3 years. This
includes the development facility for up to 27 months, which,
subject to the satisfaction of certain conditions prior to the
expiry of the development facility, switches into the investment
facility for the remainder of the 3-year term. Interest on the
development facility is payable on a Sonia-linked floating rate
basis for each interest period plus a margin of 3.25%, and interest
is payable on the investment facility at the same Sonia rate plus a
margin of 1.90%.
The Company has provided cost overrun and interest shortfall
guarantees of up to GBP5 million in connection with the development
facility. A capital guarantee is also in place which could increase
the Company's guarantee by GBP2.5 million if certain covenants are
not met in advance of drawing the investment facility or the
development facility is not repaid when due.
Proposed ZDP Issue
The Company also announces that it proposes to raise a target of
GBP30 million of additional capital through the issue of zero
dividend preference shares ("ZDP Shares") by way of a placing in
early 2023 (the "Issue"). The ZDP Shares are expected to have a
gross redemption yield equivalent to 7.5 per cent. per annum on the
placing price and a term of five years. The net proceeds from the
Issue are expected to be utilised to further continue the
development of The Island Quarter site in Nottingham and may also
be used for further acquisitions of investment properties and in
realising value from the group's other development projects.
Robert Ware, Chief Executive of the Company, commented:
"We are delighted to have secured the facilities with Barclays
which now enables both the completion and also the subsequent
letting of the student accommodation development at The Island
Quarter and the further progression of the opening up of this
exciting and substantial mixed-use development."
Enquiries:
The Conygar Investment Company PLC
Robert Ware/David Baldwin 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Lindley/Jamie Richards 020 3100 2185
Temple Bar Advisory (Public Relations)
Alex Child-Villiers 07795 425580
IMPORTANT NOTICE
This announcement does not constitute, and may not be construed
as, an offer to sell or an invitation to purchase investments of
any description or a recommendation regarding a possible offer or
the provision of investment advice by any party. No information set
out in this announcement is intended to form the basis of any
contract of sale, investment decision or any decision to purchase
shares in the Company.
The information contained in this announcement is for
information purposes only and does not purport to be full or
complete. The information contained in this announcement is given
at the date of its publication (unless otherwise marked) and is
subject to updating, revision and amendment from time to time. No
reliance may be placed for any purpose on the information contained
in this announcement or its accuracy, fairness or completeness. In
particular, any proposals referred to herein are subject to
revision and amendment and the Company may decide not to go ahead
with them and there is therefore no guarantee that they will take
place.
Potential investors should not base their financial decision on
this announcement. Acquiring investments to which this announcement
relates may expose an investor to a significant risk of losing all
of the amount invested. Persons considering making investments
should consult an authorised person specialising in advising on
such investments.
The information in this announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. In particular, neither this announcement, nor
any copy of it, may be taken or transmitted, published or
distributed, directly or indirectly, in or into the United States
or any other jurisdiction where to do so would constitute a
violation of the relevant securities laws and regulations of such
jurisdiction. Any failure to comply with these restrictions may
constitute a violation of securities laws and regulations of such
jurisdictions.
This announcement has been issued by, and is the sole
responsibility of, the Company. No undertaking, representation,
warranty or other assurance, express or implied, is made or given
by or on behalf of the Company or any member of the Company's
group, Liberum Capital Limited or any of their respective
directors, officers, partners, employees, agents or advisers or any
other person as to the accuracy or completeness of the information
or opinions contained in this announcement and no responsibility or
liability is accepted by any of them for any such information or
opinions or for any errors, omissions or misstatements, negligence
or otherwise in this announcement.
This announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
current expectations and projections about future events and the
Company's future financial condition and performance. These
statements, which sometimes use words such as "aim", "anticipate",
"believe", "may", "will", "should", "intend", "plan", "assume",
"estimate", "expect' (or the negative thereof) and words of similar
meaning, reflect the current beliefs and expectations of the
directors of the Company and involve known and unknown risks,
uncertainties and assumptions, many of which are outside the
Company's control and difficult to predict, that could cause actual
results and performance to differ materially from any expected
future results or performance expressed or implied by the
forward-looking statement. The information contained in this
announcement speaks only as of the date of this announcement and is
subject to change without notice and the Company does not assume
any responsibility or obligation to, and does not intend to, update
or revise publicly or review any of the information contained to
this announcement, whether as a result of new information, future
events or otherwise, except to the extent required by the FCA, the
London Stock Exchange or by applicable law.
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END
MSCBKQBQCBDKBBB
(END) Dow Jones Newswires
December 28, 2022 02:00 ET (07:00 GMT)
Conygar Investment (AQSE:CIC.GB)
過去 株価チャート
から 10 2024 まで 11 2024
Conygar Investment (AQSE:CIC.GB)
過去 株価チャート
から 11 2023 まで 11 2024
