Conygar Investment Company’s co-founder Steven Vaughan has left the company as it posted a rise in its NAV over the six months to the end of March 2015.
Vaughan co-founded the business and was most recently working as the property director and board member at the group. The company announced he was leaving to pursue other opportunities.
The announcement came as the company raised its NAV despite a dip in the portfolio value compared to September last year.
Conygar’s NAV rose to 199.2p from 197.5p as the portfolio value slipped to £154m from more than £158m.
Disposals though the year contributed to the dip in valuations and on a like-for-like basis the portfolio is up by £1.2m.
By the end of March Conygar had £45m in cash for further investments and a total debt pile of £78.6m. This left the company with a gearing of 20.3% against the net asset value, or 21.7% on an LTV basis.
