Grant of options

Conygar Investment Company PLC(The)
23 February 2007



23 February 2007



                       THE CONYGAR INVESTMENT COMPANY PLC

                                GRANT OF OPTIONS


Further to the announcement on 29 January 2007 by the board of The Conygar
Investment Company PLC ('Conygar' or the 'Company') regarding the placing of
20,498,500 new ordinary shares of 5 pence each in the Company at a price of 200
pence per share, the Remuneration Committee of Conygar granted, on 19 February
2007, an additional 3,220,000 options over ordinary shares in the capital of the
Company to the executive directors of the Company as follows:


1. Options over 2,025,000 ordinary shares have been granted to Robert Ware,  
   Chief Executive of the Company, at a price of 200 pence per share. The 
   options are exercisable from 19 February 2009 and will lapse on 19 February
   2017. Mr. Ware now holds a total of 3,300,000 shares under option.


2. Options over 550,000 ordinary shares have been granted to Peter Batchelor, 
   Finance Director, at a price of 200 pence per ordinary share.
   The options are exercisable from 19 February 2009 and will lapse on 19 
   February 2017. Mr. Batchelor now holds a total of 1,350,000 shares under 
   option.


3. Options over 645,000 ordinary shares have been granted to Steven Vaughan, 
   Property Director, at a price of 200 pence per ordinary share.  The options 
   are exercisable from 19 February 2009 and will lapse on 19 February 2017. Mr. 
   Vaughan now holds a total of 1,350,000 shares under option.


The options have been granted pursuant to the rules of The Conygar Investment
Company Share Option Plan and will be subject to performance criteria which will
require the annual percentage growth in the Company share price to exceed that
of the FTSE Small Cap Index.


For further information please contact:


The Conygar Investment Company PLC


Robert Ware             020 7408 2322
Peter Batchelor         020 7408 2322


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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