Joint Venture

Conygar Investment Company PLC(The)
22 October 2007


                       THE CONYGAR INVESTMENT COMPANY PLC

                 HOLYHEAD WATERFRONT DEVELOPMENT JOINT VENTURE



The Board of The Conygar Investment Company PLC ('Conygar') is pleased to
announce the creation of a joint venture, Conygar Stena Line Limited, with Stena
Line Ports Limited ('Stena') in order to develop surplus non-operational land
currently owned by Stena at Holyhead, Anglesey, Wales.  It is intended that the
land, which has in excess of half a mile of water frontage, will be redeveloped
as a mixed use scheme to reflect the proposals of the Waterfront Strategy which
is being produced by the Isle of Anglesey County Council, the Welsh Assembly
Government and the Holyhead Forward Board (available to download at
www.holyheadforward.com).  It is envisaged that the development will incorporate
residential, leisure, tourist and retail facilities, an expanded marina
development with associated commercial and marine engineering elements.

Both Conygar and Stena believe this exciting regeneration scheme will be a major
boost to the economy of the area, creating both employment opportunities and
raising the profile of Holyhead as a visitor destination.  The joint venture
will work in partnership with the Isle of Anglesey County Council, the Welsh
Assembly Government and the Holyhead Forward Board to ensure that the scheme
fits in with their strategy to deliver potential economic benefits and to ensure
any developments benefit and compliment the natural beauty of the area.

Conygar has committed £7 million to the joint venture company to finance
planning application and other associated costs with Stena contributing the
land.  Additional funding and development parties will be introduced as the
scheme progresses.



Robert Ware, Chief Executive of Conygar, commented:


'We are delighted to have established this joint venture with Stena and look
forward to working closely with them, together with the Isle of Anglesey County
Council, the Welsh Assembly Government and the Holyhead Forward Board to produce
an exciting development proposal which should bring significant benefits to the
town, the area and the region as a whole.

This project complements our multi-use £100 million Martello Quays waterfront
development at Pembroke Dock and continues our strategy of expansion into
waterfront projects.'



For further information please contact:


The Conygar Investment Company PLC

Robert Ware                                                      020 7408 2322

Peter Batchelor                                                  020 7408 2322



Oriel Securities Limited (Nominated Adviser)

Malcolm Strang / Michael Shaw                                    020 7710 7600



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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