Last checked at 7 Sep 2017 14:30
7 September 2017
Sutton Harbour Holdings plc (the "Company")
Annual General Meeting Statement
The Chairman of Sutton Harbour Holdings plc intends to issue the following update on the ongoing formal sales process and trading to shareholders attending today's AGM.
"The Board has continued to work with Rothschild to explore all strategic options through the formal sales process to maximise value for shareholders since the last update given in the preliminary results announcement on 27 June 2017. This process remains active and any future announcement will be made in accordance with the City Code on Takeovers and Mergers.
Following the Company's submission of detailed representations to the Plymouth and South West Devon Joint Local Plan (the "Plan"), the Plan has been submitted to the planning inspectorate. The public hearing of the Plan, to be led by a government inspector, is anticipated before the end of the financial year with the inspector's report due in 2018, although the timetable is outside the Company's control. The new Plan will set the framework for development in the locality for the next 17 years and has particular significance for the former airport site and also for the regeneration opportunities in the Sutton Harbour area.
Together with the preferred partner for the development of a major mixed-use scheme at Sugar House, East Quay, we are working towards the submission of a planning application. The scheme is formulated to include residential and commercial uses.
During the first quarter of the current financial year real estate and car parking revenues have been steady and the flow of enquiries for vacant property remains encouraging. Berthing income at the two marinas is also in line with the same period last year although a major event has not been hosted this summer. Fish landings have been slower during the first quarter although the busiest period for the fisheries business occurs during the second half of the financial year."
Enquiries
Sutton Harbour Holdings plc | +44 (0) 1752 204186 | Jason Schofield, Chief Executive Natasha Gadsdon, Finance Director
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Rothschild (Financial Adviser) | +44 (0)20 7280 5000 | John Byrne, Andrew Graham
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Arden Partners (NOMAD and Broker) | +44 (0)20 7614 5917 | John Llewellyn Lloyd, Ben Cryer
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DCA (Financial PR) | +44 (0) 7768 534641 | Philip Ranger
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Notes to Editors
Sutton Harbour Holdings plc (SUH) is an AIM listed 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 Holdings 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.