Conygar Sells Anglesey Assets to Stena Line for £6.6 Million
Why we think this is good
The Conygar Investment Company has announced the unconditional sale of its development land and adjoining seabed at Holyhead Waterfront and its land at Parc Cybi in Anglesey to Stena Line Ports Limited for £6.60 million. The company will realize a profit of £6.22 million from the transaction, which it plans to use to repay a development loan and support ongoing operations. This appears to be a positive transaction for the company, improving its financial position, though it does not meet the criteria for a 'very good' rating as it is not a profit upgrade or trading ahead of expectations statement.
Key Points
- Conygar has sold its development land and adjoining seabed at Holyhead Waterfront and its land at Parc Cybi in Anglesey to Stena Line Ports Limited
- The net proceeds of the sale are £6.60 million
- Conygar will realize a profit of £6.22 million from the transaction
- Part of the proceeds will be used to repay £3.0 million of the Barclays development loan, with the balance supporting the company's ongoing operations
Summary
The Conygar Investment Company PLC has announced the unconditional sale of its development land and adjoining seabed at Holyhead Waterfront and its land at Parc Cybi in Anglesey to Stena Line Ports Limited for £6.60 million. The company will realize a profit of £6.22 million from the transaction, which it plans to use partly to repay £3.0 million of the Barclays development loan and the balance to support the ongoing operations of the Group. The sale appears to be a positive transaction for the company, improving its financial position.