27 March 2023
Sutton Harbour Group PLC
("Sutton Harbour" or the "Company")
Loan Facilities and Related Party Transaction
The Company announces that, on 27 March 2023, it entered into an agreement with Beinhaker Design Services Ltd ("BDSL") to extend the existing unsecured loan finance with BDSL ("BDSL Loan), announced on 27 April 2022 and 16 December 2022, by £375,000, bringing the total loan facility from BDSL to £1.805m. 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, and is repayable by 31 May 2024.
The terms of the £1.3m unsecured loan facility from Rotolok (Holdings) Limited remain unchanged.
The BDSL Loan extension constitutes a related party transaction for the purposes of the AIM Rules, as Beinhaker Design Services Ltd represents 50% of the holdings of FB Investors LLP, which holds a 72.91% holding in the Company, and is 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 the BDSL Loan extension are fair and reasonable insofar as shareholders are concerned.
The Company also clarifies that, in relation to the sale of an apartment in the Company's development under construction known as 'Harbour Arch Quay' to Beinhaker Design Services Limited announced on 6 March 2023, exchange occurred on 27 February 2023 supported by a fair and reasonable opinion on the transaction terms.
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 Ltd (Nominated and Financial Adviser and Broker) James Dance Richard Johnson | +44 (0) 20 7409 3494 |
Notes to Editors
Sutton Harbour Group plc (SUH) is an AIM listed 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
