REG - Sutton Harbour Grp - Sale of Harbour Arch Quay Apartment and RPT

Sutton HarbourAnnouncement

22/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230922:nRSV2788Na&default-theme=true

RNS Number : 2788N  Sutton Harbour Group PLC  22 September 2023

22 September 2023

Sutton Harbour Group PLC
("Sutton Harbour" or the "Company")

Sale of Harbour Arch Quay Apartment and Related Party Transaction

Harbour Arch Quay Development Update

Sutton Harbour Group plc (AIM: SUH), the AIM-quoted marine and waterfront
regeneration specialist, has exchanged on the sale ("Sale") of an apartment
for £475,000 in the Company's development under construction known as
'Harbour Arch Quay' to Beinhaker Design Services Limited ("BDSL"). The sale
price was agreed at the original full marketed asking price, in line with
other apartments in Harbour Arch Quay (including a previous sale to Beinhaker
Design Group Limited) which have already exchanged or have been reserved at or
around their marketed asking price.

General Meeting

The Sale is a "substantial property transaction" under Section 190 of the
Companies Act 2006 and is therefore subject to the approval of shareholders in
a general meeting. The resolution to approve the Sale will be proposed as an
ordinary resolution. Consequently, the Company expects to shortly despatch a
formal notice of General Meeting, to be held on 12 October 2023, for that
purpose, in advance of completion of the purchase of the apartment.

Harbour Arch Quay

The Harbour Arch Quay development comprises 14 apartments. The Company has
exchanged contracts on 13 apartments (including the apartment sale described
above), and the final apartment has been reserved by a buyer and is subject to
contract.

Related Party Transaction

The Sale represents a related party transaction under the AIM Rules for
Companies, as BDSL 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, including Corey Beinhaker and Philip Beinhaker, each a director of the
Company. The directors who are independent of the transaction, being Graham
Miller, Sean Swales and Natasha Gadsdon, having consulted with the Company's
nominated adviser, Strand Hanson, consider that the terms of the 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 Ltd                                                   +44 (0) 20 7409 3494

 (Nominated and Financial Adviser and Broker)

 James Dance

 Richard Johnson

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUAUNROBUKUAR