29 September 2023
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Update on Bank Loan
Notice of General Meeting
The Company is pleased to report that the Harbour Arch Quay development is now complete and undergoing final regulatory certifications. These are expected to be completed next week, with notices to complete purchases served to the apartment purchasers immediately thereafter, most being with 5 days notice and some with 10 days notice.
Accordingly, the Company has agreed with the development funder to repay the approximately £4.5m outstanding loan progressively as buyers close purchases during the course of October 2023. Additionally, the Company has agreed with its bankers to extend the repayment of £1.6m of the term loan from 29 September 2023 to 31 October 2023.
Further to its announcement on 22 September 2022, the Company has now issued a notice to shareholders convening a General Meeting at 10 a.m. on Thursday 12 October 2023, to seek shareholder approval for the purchase of a second apartment in the Harbour Arch Quay development by Beinhaker Design Services Limited. It is expected that, subject to shareholder approval, completion on this second apartment will occur in line with the completion timings above.
A copy of the Notice of General Meeting is available on the Group's website (www.suttonharbourholdings.co.uk).
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 (AIM: SUH) is an AIM quoted company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West 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 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.
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