PIRI.L Regulatory News (PIRI)

26 May 2006 07:00

Oak Holdings plc / Epic: OAH / Index: AIM / Sector: Property Development 26 May 2006 Oak Holdings plc (`Oak' or `the Company') AGM Statement Oak Holdings plc, the AIM listed property development and consultancy group,held its annual general meeting today and all resolutions were duly passed.At the meeting, Chairman Malcolm Savage said:"The Directors are satisfied with the Company's progress and remain confidentin its two-pronged strategy of developing major property projects, whileutilising its highly experienced management to offer an exclusive propertyadvisory/consultancy service."Our flagship enterprise remains the YES! Project, a ‚£270 million leisuredevelopment scheme in the Rother Valley in South Yorkshire. We submitted anOutline Planning Application to Rotherham Metropolitan Borough Council (`RMBC')on 31 January 2005, and entered a consultative period prior to itsconsideration by RMBC's Planning Board. During this period, which has taken wasa longer than anticipated, we gained the support of Sheffield Council followingthe submission to RMBC of a revised application - a revision which we believedoes not impinge on the project's commercial viability. We also spentconsiderable time ensuring that the requirements of all statutory consulteeswere met."Importantly on 11 May 2006 the RMBC's planning board voted unanimously infavour of the project. We now continue to actively promote the scheme to ensurethe political support and momentum gained to date are recognised during theLocal Government Office's consideration of the development."Our property consultancy division is also making good progress. Activediscussions are taking place on a variety of projects in the UK and abroad,which we believe have the potential to create significant returns. Our policyis to conserve capital by negotiating a fee-earning consultancy appointment butwherever possible to include some form of success-based equity participation,as was the case with the SupperClub London, where we secured a 10%shareholding. With a strong management team now dealing with a number ofpotential opportunities, we believe that we are in a good position to build asubstantial income stream from this side of the business. We anticipate makingfurther announcements concerning consultancy developments in the near future." * * ENDS * * ContactsSteve Lewis, CEO Oak Holdings plc Tel: 020 7493 5522Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477Notes for editors: * AIM-listed Oak Holdings plc is a development company and property consultancy. * Its strategic focus has been on developing mixed-use, leisure-oriented projects in addition to creating an income-producing property consultancy business. * Oak's flagship scheme is the YES! Project located on a 327 acre ex-coalfield site adjoining the Rother Valley Country Park in Rotherham where the Company hopes to develop a state-of-the-art leisure and entertainment centre. * Oak's directors have extensive experience in property development and investment and are well known professionals in the property industry. ENDOAK HOLDINGS PLC