Conygar agrees to take full ownership of JV project at Holyhead Waterfront
Source - SMW
Property investment and development group Conygar said Thursday that it had agreed with its partner, Stena, to take 100% control of its joint venture development project at Holyhead Waterfront.
The transaction would enable Conygar to progress with the scheme as planned and the company would work towards obtaining detailed planning permission in the coming months.
Under the terms of the agreement, Stena repaid £2.5m to Conygar, representing Stena's 50% share of a loan that was made to the joint venture company. Stena would receive 20% of the profit after tax of the development once completed.
For the year ended 30 September 2017, the joint venture company made a loss before tax of £163,762 and had net current assets of £4,372,887.
As part of the transaction, the joint venture company, Conygar Stena Line Limited, had granted 999 year leases to Stena of the platform at Soldier's Quay, and a warehouse which was situated at Soldier's Point.
'We are pleased to gain full control of this development project and at the same time still receive the support of Stena Line, who are keen for the project to progress,' said Robert Ware, Chief Executive of Conygar.
At 9:49am: (LON:CIC) Conygar Investment Company The PLC share price was -1p at 165.5p