PIRI.L Regulatory News (PIRI)

24 May 2007 07:02

Oak Holdings PLC24 May 2007 24 May 2007 Oak Holdings plc AGM Statement At the Annual General Meeting of Oak Holdings plc, the AIM-listed propertydevelopment and consultancy group, that is developing the 350m YES! Project, a1.2m sq ft covered fully integrated mixed-use leisure and conference scheme on a327-acre site in South Yorkshire, which is to be held at 11.00 a.m. today,Malcolm Savage, Chairman, will make the following statement: "We continue to make progress. We remain confident in our two-pronged strategyof developing major property projects while at the same time utilising ourhighly experienced management team to build a property consultancy division,although of course we must direct resources on a priority basis. "With regard to the YES! Project in South Yorkshire, we received formal PlanningConsent in January this year, having resolved numerous technical issues andincorporated in a Section 106 Agreement. "In March 2007, we acquired the freehold of 27 acres which will provide theaccess and entry plaza to the site, which represents a tangible demonstrationthat the project is moving forward. "Rotherham Metropolitan Borough Council have extended our Preferred DeveloperAgreement. We are now working with them to finalise a Development Agreementwhich we expect to be concluded in the near future. "We are continuing to maintain our dialogue with potential tenants, butsubstantive progress can not be made until we conclude the Development Agreementwith Rotherham Metropolitan Borough Council. "Furthermore, in relation to the YES! Project, we have signed Memoranda ofUnderstanding with E.ON and BT who will work together with us on the scheme. Afurther significant step was signing a collaboration agreement with SkanskaConstruction UK Plc. Skanska brings construction expertise, support andcredibility. To have a partner of this calibre is not to be underestimated. "I am now pleased to confirm that we have recently signed a Memorandum ofUnderstanding with Royal Bank of Scotland whereby we shall work closely withthem to conclude mutually acceptable terms for the Development Loan for the YES!Project. RBS is the parent of our bankers, Adam and Company plc. Theseagreements illustrate the growing attractiveness of the YES! Project toprospective lenders, technology partners, infrastructure and energy suppliersand future tenants. "We are also making good progress on the property consultancy side of thebusiness. Whilst we have of necessity been required to prioritise resourcestowards the YES! Project, the potential for Oak to develop a significantconsultancy business remains. Again I am pleased to be able to report thatturnover for the year to date in this division has been £350,000 - a dramaticincrease in revenues for this division. "In addition we are hopeful that the preliminary work with a major Russiandeveloper and with a potential Europe-wide leisure property investment fund,will result in agreements which will further enhance income for the consultancybusiness." Contact: Oak Holdings plc Tel: 020 7493 5522Steve Lewis, Chief ExecutiveMike Hill, Finance Director This information is provided by RNS The company news service from the London Stock Exchange