REG - Sutton Harbour Grp - Bank Loan Update and Notice of General Meeting

Sutton HarbourAnnouncement

29/09/2023 07:00

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RNS Number : 0806O  Sutton Harbour Group PLC  29 September 2023

29 September 2023

Sutton Harbour Group plc

("Sutton Harbour" or the "Company")

Update on Bank Loan

Notice of General Meeting

The Company is pleased to report that the Harbour Arch Quay development is now
complete and undergoing final regulatory certifications. These are expected to
be completed next week, with notices to complete purchases served to the
apartment purchasers immediately thereafter, most being with 5 days notice and
some with 10 days notice.

Accordingly, the Company has agreed with the development funder to repay the
approximately £4.5m outstanding loan progressively as buyers close purchases
during the course of October 2023. Additionally, the Company has agreed with
its bankers to extend the repayment of £1.6m of the term loan from 29
September 2023 to 31 October 2023.

Further to its announcement on 22 September 2022, the Company has now issued a
notice to shareholders convening a General Meeting at 10 a.m. on Thursday 12
October 2023, to seek shareholder approval for the purchase of a second
apartment in the Harbour Arch Quay development by Beinhaker Design Services
Limited. It is expected that, subject to shareholder approval, completion on
this second apartment will occur in line with the completion timings above.

A copy of the Notice of General Meeting is available on the Group's website
(www.suttonharbourholdings.co.uk (http://www.suttonharbourholdings.co.uk) ).

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 (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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