News blog
Sutton Harbour Holdings
- BY: Andrew Hore |
- POSTED: 24/12/2011 |
Marina and ports operator and property developer Sutton Harbour Holdings is raising £6m from a placing and 17-for-50 open offer at 18p a share backed by its two major shareholders.
This will have a dilutive effect on net asset value per share, which was 55.4p at the end of September 2011.
Sutton Harbour will receive £5.7m net from the fundraising which will help to reduce debt and fund development costs of the Millbay Marina project in Plymouth. This development is in the Brunel Dock and there will be 179 marina berths and 2,000 sq ft of shore side facilities. Planning permission was obtained on 15 December just over one week before the fundraising was announced.
Net debt was just short of £22m at the end of September 2011. Sutton Harbour reported an increased interim loss of £1.33m, up from £813,000. The loss includes the costs of closing Plymouth Airport. The core businesses reported improved profits. Chief executive Nigel Godefroy stepped down on 9 November.
At 21p a share, the current share capital is valued at £13.2m. A capital reorganisation is required because the latest issue price of 18p is lower than the nominal value of 25p. The nominal value will be cut to 1p a share.
Rotolok is taking up shares that will leave it with 28.8% of Sutton Harbour - an increase from 26.8%. Aim-quoted Crystal Amber will end up with between 17.2% and 29.3% depending on the take up of the open offer. The independent directors will subscribe for all of their open offer entitlements. Latest time for acceptances is 16 January.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf
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