REG - Sutton Harbour Grp - Related Party Loan Extension

Sutton HarbourAnnouncement

01/04/2025 07:15

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RNS Number : 0280D  Sutton Harbour Group PLC  01 April 2025

1 April 2025

Sutton Harbour Group plc

("Sutton Harbour" or the "Company")

Related Party Loan Extension

The Company announces that, on 31 March 2025, it 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 16 December 2024, by a further £0.74 million
("Additional Loan"), to provide additional headroom in the Company's cash
resources until targeted property disposals are completed.

The BDSL Loan and Additional Loan carry 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 Additional Loan is
repayable, plus interest, following the reduction of the bank facility, as
announced on 21 March 2025, and as cashflow permits. The BDSL Loan has been
amended such that it is now repayable in equal portions no earlier than each
of 31 August 2025, 31 November 2025 and 28 February 2026, as cashflow permits
and without penalty for any early repayment. In aggregate, the
current principal outstanding of the BDSL Loan is now £6.29 million,
excluding accrued interest.

Related Party Transaction

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.

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)

 Richard Johnson

 James Dance

 Rob Patrick

 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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