Business
Related Party Loan Extension
Related Party Loan Extension.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n\n1 April 2025\nSutton Harbour Group plc\n(\"Sutton Harbour\" or the \"Company\")\nRelated Party Loan Extension\nThe Company announces that, on 31 March 2025, it entered into an agreement with Beinhaker Design Services Ltd (\"BDSL\") to extend the existing unsecured loan finance with BDSL (the \"BDSL Loan\"), first announced on 27 April 2022, and updated most recently on 16 December 2024, by a further £0.74 million (\"Additional Loan\"), to provide additional headroom in the Company's cash resources until targeted property disposals are completed.\nThe BDSL Loan and Additional Loan carry 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. The Additional Loan is repayable, plus interest, following the reduction of the bank facility, as announced on 21 March 2025, and as cashflow permits. The BDSL Loan has been amended such that it is now repayable in equal portions no earlier than each of 31 August 2025, 31 November 2025 and 28 February 2026, as cashflow permits and without penalty for any early repayment. In aggregate, the current principal outstanding of the BDSL Loan is now £6.29 million, excluding accrued interest.\nRelated Party Transaction\nThe BDSL Loan extension (the \"Transaction\") constitutes a related party transaction for the purposes of the AIM Rules, as BDSL represents 56% of the holdings of FB Investors LLP, which has 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 Transaction are fair and reasonable insofar as shareholders are concerned.\nFor further information, please contact: \n\n\n\n\nSutton Harbour Group plc\nPhilip Beinhaker - Executive Chairman\nCorey Beinhaker - Chief Operating Officer\nNatasha Gadsdon - Finance Director\n\n\n+44 (0) 1752 204186\n\n\n\n\nStrand Hanson Limited\n(Nominated & Financial Adviser and Broker)\nRichard Johnson \nJames Dance\nRob Patrick\n\n\n+44 (0) 20 7409 3494\n\n\n\n\n Notes to Editors\nSutton Harbour Group plc (AIM: SUH) is an AIM quoted company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South...