Sutton Harbour Group PLC Related Party Transaction (0530S)

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RNS Number : 0530S

Sutton Harbour Group PLC

06 March 2023

6 March 2023

Sutton Harbour Group PLC

("Sutton Harbour" or the "Company")

Sale of Harbour Arch Quay Apartment

Related Party Transaction

Sutton Harbour Group plc (AIM: SUH), the AIM-quoted marine and waterfront regeneration specialist, has exchanged on the sale of an apartment for GBP435,000 in the Company's development under construction known as 'Harbour Arch Quay' to Beinhaker Design Services Limited. The sale price was at the full marketed asking price, in line with other apartments in Harbour Arch Quay which have already exchanged or have been reserved at or around their marketed asking price.

The sale of the apartment represents a related party transaction under of the AIM Rules for Companies, as Beinhaker Design Services Limited represents 50% of the holdings of FB Investors LLP, which holds a 72.91% 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       [phone] 
 Strand Hanson Ltd 
  (Nominated and Financial Adviser 
  and Broker) 
  James Dance 
  Richard Johnson                          [phone] 
 

Notes to Editors

Sutton Harbour Group plc (SUH) is an AIM listed company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and Southwest 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 Group plc 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.

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March 06, 2023 11:09 ET (16:09 GMT)