REG - Sutton Harbour Grp - Related Party Loan Extension and Notice of Results

Sutton HarbourAnnouncement

10/09/2024 16:15

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RNS Number : 6311D  Sutton Harbour Group PLC  10 September 2024

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                         +44 (0) 1752 204186

 Philip Beinhaker - Executive Chairman

 Corey Beinhaker - Chief Operating Officer

 Natasha Gadsdon - Finance Director
 Strand Hanson Limited                            +44 (0) 20 7409 3494

 (Nominated & Financial Adviser and Broker)

 James Dance

 Richard Johnson

 

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.

 

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