Last checked at 27 Apr 2022 16:30
27 April 2022
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Appointment of Nominated Adviser
Sutton Harbour Group plc (AIM: SUH), the AIM-quoted marine and waterfront regeneration specialist, is pleased to announce the appointment of Strand Hanson Limited ("Strand Hanson") as its Nominated and Financial Adviser with immediate effect. Arden Partners plc will continue to act as Broker to the Company.
Further to the announcements by Arden Partners plc on 11 and 14 April 2022 regarding the loss of its nominated adviser status upon the completion of its recommended takeover, the Company has appointed Strand Hanson as its nominated adviser. Given the timing of the completion of the recommended takeover of Arden Partners plc, the London Stock Exchange plc has agreed that subject to initial due diligence being undertaken, Strand Hanson has until 5pm on 27 July 2022 to complete its full due diligence.
There can be no guarantee on the outcome of the full due diligence and its impact on Strand Hanson's decision to continue to act as nominated adviser. Accordingly, in such circumstances there is a risk that if Strand Hanson does not continue to act as nominated adviser following completion of its full due diligence and the Company has not found an alternative nominated adviser, the Company's AIM securities may be suspended pursuant to AIM Rule 1. If within one month of that suspension, the Company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.
Notwithstanding the extension of time provided in respect of completing full due diligence obligations at engagement, Strand Hanson will continue to be subject to all the ongoing nominated adviser responsibilities under the AIM Rules for Nominated Advisers.
The Company is resolved to ensuring that Strand Hanson's due diligence process is completed in full within the aforementioned timeframe.
Enquiries
Sutton Harbour Group plc | +44 (0) 1752 204186 | Philip Beinhaker, Executive Chairman Corey Beinhaker, Chief Operating Officer Natasha Gadsdon, Finance Director |
Strand Hanson Limited (Nominated and Financial Adviser) | +44 (0) 20 7409 3494 | James Spinney James Dance |
Arden Partners plc (Broker) | +44 (0) 20 7614 5900 | Paul Shackleton Elliot Mustoe |
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.