Sutton Harbour Group PLC Sale of Harbour Arch Quay Apartment and RPT (2788N)
22 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMSUH
RNS Number : 2788N
Sutton Harbour Group PLC
22 September 2023
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 GBP475,000 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 +44 (0) 20 7409 3494
(Nominated and Financial Adviser and Broker)
James Dance
Richard Johnson
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.
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END
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September 22, 2023 02:00 ET (06:00 GMT)
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