Last checked at 22 Sep 2023 07:00
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 Philip Beinhaker - Executive Chairman Corey Beinhaker - Chief Operating Officer Natasha Gadsdon - Finance Director | +44 (0) 1752 204186 |
Strand Hanson Ltd (Nominated and Financial Adviser and Broker) James Dance Richard Johnson
| +44 (0) 20 7409 3494 |
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.