8 March 2024
Sutton
Harbour Group PLC
("Sutton Harbour" or the "Company")
Loan
Facilities and Related Party Loan
The Company announces that, on 7
March 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, 16 December
2022 and 23 March 2023, by £450,000, bringing the total loan
facility from BDSL to £2.255m. 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. Additionally, the Company has extended the
final repayment date of the BDSL Loan by 12 months to 31 May
2025.
The terms of the £1.3m (inclusive of
rolled-up interest) unsecured loan facility from Rotolok (Holdings)
Limited, which is repayable by 31 May 2024, remain
unchanged.
The BDSL Loan and final repayment
date extensions constitutes a related party transaction for the
purposes of the AIM Rules, as Beinhaker Design Services Ltd
represents 56% of the holdings of FB Investors LLP, which holds 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 the BDSL Loan extension
are fair and reasonable insofar as shareholders are
concerned.
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 (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.