10 September 2024
Sutton
Harbour Group plc
("Sutton Harbour" or the "Company")
Related
Party Loan Extension
Notice of
Results
The Company announces that it has
today entered into an agreement with Beinhaker Design Services Ltd
("BDSL") to extend the
existing unsecured loan finance with BDSL (the "BDSL Loan"), first announced on 27
April 2022, and updated most recently on 27 June 2024, by a further
£0.6 million. The BDSL Loan carries a fixed 8% gross annual
interest rate with the option, at the discretion of the Company, to
roll up some or all of the interest at a fixed 10% annual interest
rate. The expiry date of the BDSL Loan is 31 May 2025. In
aggregate, the current principal outstanding of the BDSL Loan
is now £5,375,000, excluding accrued interest.
The BDSL Loan extension (the
"Transaction") constitutes
a related party transaction for the purposes of the AIM Rules, as
BDSL represents 56% of the holdings of FB Investors LLP, which has
a 75.38% holding in the Company, and is controlled by the Beinhaker
family. The directors, other than Philip Beinhaker and Corey
Beinhaker, having consulted with the Company's nominated adviser,
Strand Hanson, consider that the terms of Transaction are fair and
reasonable insofar as shareholders are concerned.
Notice of Results
The Company notifies that it expects
to announce its audited results for the year ended 31 March 2024
later in September 2024.
For
further information, please contact:
|
Sutton Harbour Group plc
Philip Beinhaker - Executive
Chairman
Corey Beinhaker - Chief Operating
Officer
Natasha Gadsdon - Finance
Director
|
+44 (0) 1752 204186
|
|
Strand Hanson Limited
(Nominated & Financial Adviser
and Broker)
James Dance
Richard Johnson
|
+44 (0) 20 7409 3494
|
Notes to Editors
Sutton Harbour Group plc (SUH) is an
AIM quoted company specialising in marine operations, waterfront
regeneration and destination creation in Plymouth and Southwest
England.
The Company operates Sutton Harbour
Marina, King Point Marina and Plymouth Fisheries. Operational
activities include mixed-use lettings, car parking and support
services to harbour users, property management and regeneration and
asset enhancement.
Sutton Harbour Group plc is
committed to being the leading marine and waterfront regeneration
specialist in Southern England, and to positioning Sutton Harbour
in Plymouth as a destination of national interest.