Final Results

Conygar Investment Company PLC(The)
16 December 2004

16 December 2004



                       THE CONYGAR INVESTMENT COMPANY PLC

           PRELIMINARY RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2004

                              CHAIRMAN'S STATEMENT


Review of Activities and Prospects


Our first year of operation has been spent identifying and evaluating suitable
investment opportunities, following the successful admission of the company's
shares to the Alternative Investment Market (AIM) of the London Stock Exchange
in October 2003.  Our strategy remains to invest in property assets and
companies with property assets where we can add significant value.  The company
focus has been upon trading and development of property either on its own
account or in co-investment vehicles.  We have a pipeline of opportunities which
are being evaluated and are at various stages of negotiation.


During the period from incorporation to 30 September 2004, the company recorded
a loss of £37,000.  The company continues to minimise administrative overhead
and does not incur excessive costs in evaluating potential transactions.  Our
in-house team is capable of undertaking much of this work without recourse to
external advisers.  Our key strength is an ability to identify complex property
deals where our property management, development and transaction structuring
skills can add significant value.


Management


We were pleased to announce in June 2004 that Steven Vaughan had been appointed
to the board.  Steven has been involved with the company from the outset and has
been employed in sourcing and evaluating various transactions and opportunities.
Steven is a chartered surveyor and was previously a senior executive at MEPC
Limited.


I must also announce that with effect from 17 December 2004, Gavin Davidson will
be resigning from the board in order to pursue other business and commercial
interests.  He has expressed a willingness to be available for suitable projects
in the future.  The board would like to express their gratitude to Gavin for his
work in the last year and to wish him well for the future.



Events Since the Balance Sheet Date



We have today, announced the exchange of contracts to acquire 175,000 sq ft of
office and warehouse properties on Sheffield Business Park for £22.5 million.
The acquisition has been undertaken through a 50:50 joint venture with a local
private developer and is financed through a £19 million senior debt facility
provided by the Royal Bank of Scotland.  The joint venture will seek to add
value through a number of rent review and re-letting opportunities and to
realise this value over the next three years.  Further opportunities have been
identified for the joint venture and I am confident that this will be an
extremely profitable investment for the company in the years to come.



The board is positive about the future prospects of the company and I am
confident we will continue to identify suitable buying opportunities in the next
financial year.






R T E Ware
Chairman






                  PROFIT AND LOSS ACCOUNT For the period from

                     22 September 2003 to 30 September 2004


                                                                                                  Period from
                                                                                                 22 Sep 03 to
                                                                                                    30 Sep 04
                                                                                                        £'000
TURNOVER                                                                                                    -

Administrative Expenses                                                                                   208
OPERATING LOSS                                                                                          (208)

Income from current asset investments                                                                      10
Interest receivable                                                                                       161
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                                              (37)

Tax on loss on ordinary activities                                                                          -
LOSS FOR THE FINANCIAL PERIOD                                                                            (37)


Earnings per share         - undiluted                                                                (0.42)p
                           - diluted                                                                  (0.40)p

All of the activities of the company are classed as continuing.



The company has no recognised gains or losses other than the results for the
period as set out above.


                       BALANCE SHEET At 30 September 2004




                                                                                           30 Sep 2004
                                                                                           £'000       £'000

CURRENT ASSETS
Debtors                                                                                       55
Investments                                                                                  397
Cash at bank                                                                               4,452
                                                                                           4,904
CURRENT LIABILITIES
Creditors:  amounts falling within one year                                                   28
                                                                                                       4,876
Total assets less current liabilities                                                                  4,876

CAPITAL AND RESERVES
Called-up equity share capital                                                                           486
Share premium account                                                                                  4,427
Profit and loss account                                                                                 (37)
SHAREHOLDERS' FUNDS                                                                                    4,876




                     CASHFLOW STATEMENT For the period from
                     22 September 2003 to 30 September 2004




                                                                                          £'000            £'000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                    a                            (615)

RETURNS ON THE INVESTMENTS AND SERVICING OF FINANCE
Interest received                                                                           154
NET CASH FLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE

                                                                                                             154
CASH OUTFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND FINANCING                                           (461)

MANAGEMENT OF LIQUID RESOURCES
Increase in funds placed on short term deposit                                                             4,400

FINANCING
Issue of equity share capital                                                               486
Share premium on issue of equity share capital                                            4,427
NET CASH INFLOW FROM FINANCING                                                                             4,913
INCREASE IN CASH                                                              b                            4,452

NOTES TO THE CASH FLOW STATEMENT

a)         RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM 
           OPERATING ACTIVITIES

                                                                                                  Period from 22
                                                                                                Sep 03 to 30 Sep
                                                                                                              04

                                                                                                           £'000
Operating loss                                                                                             (208)
Increase in debtors                                                                                         (38)
Increase in current asset investments                                                                      (397)
Increase in creditors                                                                                         28
Net cash outflow from operating activities                                                                 (615)

b)         RECONCILIATION OF net cash flow to movement in net funds
                                                                                                       30 Sep 04
                                                                                                           £'000
Increase in cash in the period                                                                                52
Cash outflow to short term deposits                                                                        4.400
Movement in net funds                                                                                      4.452
Net funds at 22 September 2003                                                                                 -
Net funds at 30 September 2004                                                                             4,452

c)         ANALYSIS OF CHANGES IN NET FUNDS
                                                                                At                            At
                                                                      22 Sept 2003    Cashflows     30 Sept 2004
                                                                             £'000        £'000            £'000
Net cash:
Cash in hand and at bank                                                         -           52               52
Short term deposits *                                                            -        4,400            4,400
Net Funds                                                                        -        4,452            4,452



* Short term deposits are included within cash at bank in the balance sheet.


Notes:



1.  The financial information above does not constitute statutory
accounts within the meaning of Section 240 Companies Act 1985 as amended (the '
Act').  Full accounts in respect of the period ended 30 September 2004, on which
the auditors reported without qualification and which contained no statement
under Section 237(2) or (3) of the Act, will be delivered to the Registrar of
Companies in due course.


2.  Basic and fully diluted earnings per share have been calculated on
the basis of a loss after tax of £37,000 and on the number of shares in issue
being the weighted average number of shares in issue during the period of
8,825,590.  The weighted average number of shares on a fully diluted basis was
9,112,598 which assumes the exercise of options over 287,008 shares at the start
of the period.  No adjustment has been made in respect of the exercise of
options which were anti-dilutive throughout the period.



3.  The directors are not proposing that a dividend payment be made.



4.  The 2004 Report and Accounts will be posted to shareholders shortly
and copies may be obtained free of charge for at least one month following their
posting by writing to The Secretary, The Conygar Investment Company PLC, Fourth
Floor, 25 Green Street, London W1K 7AX.



5.  The Company's Annual General Meeting will be held at 11.00 a.m. on
Wednesday, 26 January 2005 at the offices of the Company, Fourth Floor, 25 Green
Street, London W1K 7AX.





Enquiries:


The Conygar Investment Company PLC


Robert Ware     020 7629 6900


The directors of Conygar accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conygar (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.




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