Sutton Harbour Share Discussion Threads

[doodlebug4] 13/10/2012 11:53

Sutton Harbour defends plans to build on Plymouth City Airport


Plymouth Herald
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THE former operator of Plymouth airport has defended its plans to build houses, shops and offices on the site in the north of the city.

Lawyers for Sutton Harbour Holdings yesterday launched their case at a planning inquiry in the city centre.

Sutton Harbour has joined Plymouth City Council in opposing an appeal by developers who want to build a new shopping centre next to Derriford Hospital.

Wharfside Regeneration (Devon) has appealed against refusal of planning permission for the 16.5-acre North West Quadrant site at Derriford.

Sutton Harbour Holdings has published its own masterplan for a massive housing and shopping development at the 113-acre City Airport at Roborough.

The masterplan, drawn up by Plymouth architects AWW, calls for a range of commercial, retail and residential units, including an hotel and food retail store, plus the first part of a proposed park and streets leading to a new town square and high street.

The second phase would include a new primary school, library and community centre, more retail and residential blocks forming the town square and a new pedestrian link to University College Marjon.

Thomas Hill, QC, for Sutton Harbour Holdings, told planning inquiry inspector David Nicholson that if the Wharfside appeal was upheld it would cut off any possibilities of building a district centre at the former airport site.

Witnesses told the inquiry that Wharfside's proposal was inferior to Sutton Harbour's own masterplan for the airport, which was revealed exclusively in The Herald earlier this month.

Planning consultant John Webster said the Wharfside proposals failed to satisfy the needs of the council's area action plan for Derriford and Seaton, which include a large new supermarket.

He was backed up by planning expert Will Edmonds of Montagu Evans

Mr Webster said Wharfside's proposal was for a much smaller store which he did not believe would be viable.

Unlike the Sutton Harbour proposals, Wharfside's plans would not provide adequate pedestrian links across the A386 Tavistock Road.

[cockneyrebel] 12/10/2012 18:34

It's about timing plaful! You'd sooner I joined you a year ago at 35p? then :-)

I think it takes a year to 18 months for new Boards or senior execs to work their magic at a co. Jason Schofield took the job as CEO 9 months ago so I suspect we're getting close here to seeing tangible evidence that there's going to be improverd trading here soon imo.

I used to hold these 7-8 years ago when they were nearly 350p a share - massive potential from the land, property and the location, just needs someone in charge that knows what they are doing imo - reckon Schofield might just be the man.

I think SUH will get development planning and find the council far more amiable these day when we have a recession and infrastructure/construction work is what will get us out of it imo

All just my opinion etc. DYOR etc

CR

[windass] 12/10/2012 18:07

Good write up on t1ps last weekend.

Seems to have pushed the shares ahead this week

[doodlebug4] 12/10/2012 17:06

The one fly in the ointment here imo is Plymouth City Council! Although the council agreed to the closure of the airport they are now kicking up a fuss because Sutton Harbour Holdings want to get the bulldozers in, auction off all the airport bits and pieces and get started on developing the 137 acres into something more profitable. Typical bunch of councillors who know very little about running a profitable business - only interested in feathering their own nests and winning enough votes at the next by-election. Chart still looks good 'tho!

[playful] 11/10/2012 15:49

C.R I'm astonished it's taken you so long to join us!

[doodlebug4] 11/10/2012 15:45

Getting shot of this loss making part of the business was an important step too;

"In April 2011 we announced our intention to cease operations at Plymouth City Airport by the end of 2011, due to unsustainable losses. In August 2011 Plymouth City Council agreed to the closure of the airport on 23 December 2011, following a detailed review and the commissioning of consultant reports.

We are now working together with the freeholder, Plymouth City Council, to obtain best value from the former airport site through alternative uses."

[doodlebug4] 11/10/2012 13:39

Short term/medium term/long term indicators all saying 100% "buy" - so I have!

[cockneyrebel] 11/10/2012 12:33

Been buying these myself playful.

New CEO and directors buying - there's a lot of undervalued and under-utilised assets here imo.

Nice chart too imo - nice little bowl.

CR

[playful] 04/10/2012 12:21

Very good prospects here for value investors

[gingerplant] 27/6/2012 07:27

Excellent results IMO - worth >50% more at least.

[playful] 27/6/2012 07:23

Good to see they are focused on reducing debt

[islandbaggers] 13/3/2012 11:55

Also an AIM snippet about SUH at www.aimzine.co.uk

[boystown] 11/3/2012 04:26

Sutton Harbour Holdings (LSE: SUH) has been the worst performer of the quintet over the last year. I thought the shares were good value 18 months ago at 42.5p. They're now 25p. Having the fortitude to average down here was something of a necessity. Sutton raised £5.7m at a discounted placing and open offer at 18p per share to fund the development costs of its Millbay Marina project in Plymouth and pay off some debt. The share price has climbed a little since then.

The owner-operator of Plymouth's Sutton Harbour hit problems with its former airline and its land holdings at Plymouth City Airport. It still owns the long leasehold of 104 acres of airport land and is in discussions with the freeholder, Plymouth City Council, over what to do next with it.

The net assets of £34.9m, pre-placing, compare very favourably to the current valuation of £24m if the new CEO can put Sutton's house in order.

www.fool.co.uk/news/investing/2012/03/05/five-small-caps-with-big-potential.aspx

[johnstonp] 16/2/2012 13:18

slowly climbing from the 18p rights issue price

[gingerplant] 10/2/2012 15:10

At last some signs of life. Do we suppose the new guy is basically Crystal A's man and will do whatever it takes to extract value?

Jason, 46, has served as Executive Director since December 2007 and as Acting Chief Executive since September 2011.

[johnstonp] 26/1/2012 11:28

Another 1 million picked up by Crystal Amber takeing it over 26%

[moormoney] 17/1/2012 21:52

millions of new shares on the market despite shareholder disapproval at the EGM today. very necessary to keep the co going yet the BOD own few shares and no sign they might offer to cut their salary or take some shares in lieu. CEO booted out but in my opinion the Finance director should follow suit. weak board and imo the co will be gobbled up by a predator on the cheap!

[johnstonp] 06/1/2012 15:08

have taken up the rights @ 18p
unsure of the purpose of the creation of deferred shares which are to be cancelled

[pugugly] 04/1/2012 13:56

Looks as though Mr Market agrees - share price falling back towards the rights price. No comment yet on the rights issue yet from IC.

[pugugly] 23/12/2011 10:36

Placing and open offer at 18p - Looks like a done deal as main shareholders agreed to take up and also the rump of any open offer shares not taken up

It looks as though they had no choice but to stump up funds to keep the coy afloat - only question in my mind is whether, given the current economic climate, the managment will be able to turn the company around -

As uncertain - staying on the side.