Loan Facilities and Related Party Loan

Sutton Harbour Group PLC

08 March 2024

 

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	[phone]
Strand Hanson Ltd (Nominated and Financial Adviser and Broker) James Dance Richard Johnson	[phone]

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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