REG - Sutton Harbour Grp - Related party loan extension and variation

Sutton HarbourAnnouncement

27/06/2024 18:15

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RNS Number : 2416U  Sutton Harbour Group PLC  27 June 2024

27 June 2024

Sutton Harbour Group PLC
("Sutton Harbour" or the "Company")

Related party loan extension and variation

The Company announces that, on 26 June 2024, 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 updated on 16
December 2022, 23 March 2023 and 8 March 2024, by a further £1.37m. 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.

Additionally, BDSL has agreed to buy out the loan principal of £1.15m
advanced by Rotolok (Holdings) Limited ("Rotolok Loan"), as announced on 27
April 2022. As at the date of the buy-out, accrued interest of £226,818 is
due under the Rotolok Loan, with outstanding sums  continuing to earn
interest on existing terms. The latest date for repayment of the sums owed to
Rotolok is 31 May 2025.

Taking into account the £1.37m BDSL Loan extension and the buy-out by BDSL of
the Rotolok Loan principal, BDSL has advanced the Company, in aggregate,
£4.775m in loans, excluding accrued interest.

The BDSL Loan extension and Rotolok Loan principal buy out by BDSL
("Transactions") constitute 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. Sean Swales, a Director of the Company, is the Chief Executive of
Rotolok which has a 5.18% holding in the Company. The directors, other than
Philip Beinhaker, Corey Beinhaker and Sean Swales, having consulted with the
Company's nominated adviser, Strand Hanson, consider that the terms of
Transactions are fair and reasonable insofar as shareholders are concerned.

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 Ltd                              +44 (0) 20 7409 3494

 (Nominated and 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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