REG - Sutton Harbour Grp - Loan Facilities and Related Party Loan

Sutton HarbourAnnouncement

08/03/2024 07:00

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RNS Number : 0731G  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                       +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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