Sutton Harbour has taken a long time to get going but seems to be rising well now. A bonus issue and a rejected takeover did the trick. Anyone holding these?

The sooner this ongoing saga about the airport gets done and dusted for once and for all, the better. It's a very small minority of the population of Plymouth who want the airport to be re-opened and which business would want to take it on again when it was a disaster before? This campaign is going nowhere imo.

http://www.thisisplymouth.co.uk/Deadline-today-letters-support-Plymouth-City/story-17123161-detail/story.html

http://www.thisisplymouth.co.uk/New-consultation-future-Plymouth-city-s-airport/story-17191867-detail/story.html

Tipped today in the IC.

SHARE TIPS AND UPDATES
Sutton Harbour Holdings PLC (uk:SUH)
VALUE
LOW RISK
Bull points
Shares trade far below net asset value
Fish market performing well
New marina planned
Impressive real estate portfolio
Bear points
No dividend
More losses on the airport venture
Sutton Harbour is an archetypal value play - its shares trade far below book value; and additional value is hidden away
Sutton Harbour in Plymouth has a long and chequered history and was once owned by the London & South Western Railway. The railway is long gone (although some of the tracks are still there) and since 1989 the harbour - now with a lock gate - has been owned by Sutton Harbour Holdings (SUH), and the dock has been transformed into a 573-berth boating marina.
But it hasn't been plain sailing. In 2000 Sutton Harbour bought the lease on Plymouth City Airport and set up its own regional airline. This flopped and was shut in 2011; meanwhile, Sutton was left nursing a large loss.
However, that's water under the bridge and, with a new chief executive at the helm, the company is concentrating on its core business, which includes redeveloping the dockside area, expanding the marina and operating a fish market. The real value has yet to be realised, which is why the share price languishes so far below book value of 43p per share. But there is plenty of development potential and earlier this year a deal was secured to develop a new marina at nearby Millbay. This will cost around £4m, but the funds have been secured though a share placing that raised £5.7m earlier this year, and work is expected to start on the 171-berth facility in time for use next summer.
The existing marina in Sutton Harbour is performing well, with occupancy rates of around 90 per cent. This is about right because it is useful to have some availability for passing trade and special events. Moreover, mooring fees are around half the level charged at Southampton.
SUTTON HARBOUR (SUH)
ORD PRICE: 30p MARKET VALUE: £29m
TOUCH: 27-30p 12-MONTH HIGH: 30p LOW: 18p
DIVIDEND YIELD: nil PE RATIO: 50
NET ASSET VALUE: 43p NET DEBT: 38%
Year to 31 Mar Turnover (£m) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)
2009 29.3 -3.45 -4.86 2.26
2010 39.3 2.52 3.64 1.81
2011 9.64 2.51 4.30 nil
2012 9.90 0.46 0.96 nil
2013* 8.70 0.70 0.60 nil
% change -12 – – –
Normal market size: 1,000
Market makers: 4
Beta: 0.1
*Arden Partners estimates, profits and earnings per share are not directly comparable
When the port was developed into a marina by installing a lock, the fish market was relocated and has developed into the number two fish market in England. Last year it handled 5,400 tonnes of fish, double the amount landed in 2009. Sutton Harbour generates revenue from the facilities that it provides, which includes its own auction house, and it takes a percentage of the value of fish landed.
The group also has a property portfolio of buildings around the harbour, where void rates are less than 10 per cent, and two car parks with 426 spaces. Indeed, the total estate portfolio is valued at about £50m. That feeds through to net assets for shareholders of £42m, which compares with a £29m market value of the equity.

Even the airline venture has a silver lining. True, after 2010-11's £9m loss, it lost another £1.6m in the latest year. But Sutton Harbour still owns a 142-year lease on the 113 acres of land. Assuming this is redeveloped into the usual mix of housing, commercial buildings and shops, the company benefits from 25 per cent of the development profits, which could be as much as £10m.
SHARE TIP SUMMARY:
Sutton Harbour has reduced its debt load from £21m to £16m, but its bosses want to cut that burden further before resuming dividend payments. Still, the real value is in the company's property portfolio. Redeveloping the Millbay marina, which has a valuation potential of £6m, and realising profit from the old airport could add £16m to shareholders' funds, making that big discount to net assets even bigger. Buy.

Up 17.86%, something in the air? An IC tip doesn't usually have this effect on a share price.

Ticking up quietly again today.

Interims out next Wednesday, could be reasonably positive since the company has got rid of the City Airport which a large loss making part of the business.

SP getting hammered. The 4th paragraph of the Chairman's statement is particularly downbeat. It's going to take a long time to turn this company around now imo.

Suddenly gone up 1.5p on a red day for the markets - something in the air here?

great spread nearly 10%!

The actual buying price right now is 26.07p and the selling price is 24.65p, but I still wouldn't be tempted into buying.

Watch: Jason Schofield, CEO, Sutton Harbour SUH - Preliminary results

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Listen: Sutton Harbour Holdings (SUH) - Property letting update

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Annual General Meeting Statement

The Chairman of Sutton Harbour Holdings intends to issue the following statement to shareholders attending today's AGM.

"Trading has been in in line with expectations during the first five months of this financial year. It has been an active period for the Company, promoting development opportunities around Sutton Harbour and facilitating infrastructure improvements to ensure continuity and growth of operations.

Last month the Company reported that office space at North Quay House is now fully let and the overall investment property occupancy rate has increased to 88.3%, with an established central business district around Sutton Harbour.

The Company continues to work towards a satisfactory realisation of its interest in the 113 acre former Plymouth airport site.

The Company is making good progress with its £1.2m harbour infrastructure improvement programme, £500,000 of which will be grant funded. Forming key parts of this programme, the new ice plant and lock walkways are now being manufactured and are due to be in operational use this coming winter.

During July 2014, the Company published its 'Vision for Sutton Harbour' which sets out opportunities for development of a number of sites which could deliver c. 350,000 sq ft mixed use accommodation around Sutton Harbour. The Vision publication, which incorporates plans, visuals and relevant data, is now being used to target specific occupiers in residential, office, leisure retail and food and beverage sectors. New planning applications are expected to follow later this year."

Sutton Harbour - Property letting update

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