Business
Sale of Harbour Arch Quay Apartment and RPT
Sale of Harbour Arch Quay Apartment and RPT.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n\n22 September 2023\nSutton Harbour Group PLC (\"Sutton Harbour\" or the \"Company\")\nSale of Harbour Arch Quay Apartment and Related Party Transaction\nHarbour Arch Quay Development Update\nSutton 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.\nGeneral Meeting\nThe 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.\nHarbour Arch Quay\nThe 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.\nRelated Party Transaction\nThe 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.\n \n \nFor further information, please contact: \n\n\n\nSutton Harbour Group plc\nPhilip Beinhaker - Executive Chairman\nCorey Beinhaker - Chief Operating Officer\nNatasha Gadsdon - Finance Director\n\n\n &nb...