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.
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.
