The Conygar Investment Company PLC (the “Company”)
Conygar ZDP PLC (the “Issuer”)
Launch of ZDP Issue
Further to the announcement on 22 May 2023, the board of the Company announces the issue of 15,000,000 zero dividend preference shares (“ZDP Shares“) by the Issuer to raise £15 million through a placing (the “Placing“) and parent subscription (the “Parent Subscription” and together with the Placing the “Issue“).The net proceeds from the issue of the ZDP Shares are expected to be utilised to further continue development of The Island Quarter site in Nottingham City Centre.
· ZDP Shares will be issued at an issue price of 100 pence per ZDP Share (the “Issue Price“).
· The term of the ZDP Shares will be five years.
· The ZDP Shares will have a final capital entitlement of 153.86 pence per share, equivalent to a gross redemption yield of 9.0 per cent.
· None of the Issuer, the Company nor any member of the Company’s group will issue further zero dividend preference shares at a price which has the effect of reducing the cover for the ZDP Shares, at the time of such issue, below 2 times.
Institutional investors wishing to participate in the Placing should contact their usual Liberum sales representative ahead of the latest time and date for receipt of commitments under the Placing, being 3.00 p.m. on 29 September 2023.
Upon completion of the Placing, the Company will publish a listing document (the “Listing Document“) to enable the ZDP Shares to be admitted to the Official List of The International Stock Exchange.
The Listing Document is expected to be published on 3 October 2023. Applications will be made to The International Stock Exchange for the ZDP Shares issued pursuant to the Issue to be admitted to the Official List of The International Stock Exchange (“Admission“). It is expected that Admission will become effective at 8.00 a.m. on 4 October 2023.