Fruit Market OFF - Club redeveloping Mem instead.

the new year 2023.

well I for 1 Hooe u r right

NOT specifically related to The Fruit Market proposals in St. Philips Marsh, Bristol.

An encouraging announcement which highlights the ability of Conygar to lead and progress developments.

The Island Quarter in Nottingham is going ahead at pace and is a major project.

Conygar's attention will be focused elsewhere within the next few years as their existing developments come to fruition.


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 £47.5 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 £5 million in connection with the development facility. A capital guarantee is also in place which could increase the Company's guarantee by £2.5 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 £30 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

Reads like a statement but has a question mark at the end.
Does it mean there is evidence that they are not in talks with FM owners?

I still find it strange that we're still even talking about this when it's been apparent for a couple of years there's no interest from any developers in purchasing the Memorial Stadium site.

How would any of us know if that was actually the case? Regardless I'd imagine it's prime residential development land.

Given we've had no updates for months from anybody it hardly sounds promising.

I don't see why the club can't say discussions are still ongoing, if they are. I think the club has, if not a duty, a responsibility to its fans. I mean Wael has already said we're talking about the FM stadium, so he won't be saying anything new. That was a long, long time ago, of course.

I think by now it's safe to assume nothing at all has happened, or we would have been fed snippets. Or they would have leaked.

Maybe it will yet rise from its coma. Can't rule anything out until it's been ruled out. Not holding my breath though.

Possibly discussions with Congyer Investments have ended and the club/BCC are now talking, or looking, for alternative investors. If so, perhaps it's not considered appropriate to say anything