PIRI.L Regulatory News (PIRI)

19 May 2005 12:05

Oak Holdings PLC19 May 2005 19 May 2005 Oak Holdings plc ('Oak' or 'the Company') AGM STATEMENT Oak Holdings plc, the AIM-listed property development company, held its AnnualGeneral Meeting today where all resolutions were duly passed. Chairman MalcolmSavage made the following statement: "The Directors are pleased with the Company's progress and remain confident inits two-pronged strategy of developing major property projects while at the sametime utilising its highly experienced management to offer exclusive propertyadvisory services. "With regard to the YES! Project in South Yorkshire we have appointed theconsultant team including CZWG Holder Mathias as lead architects. They haveproduced an innovative design which has formed the basis of our Outline PlanningApplication which was submitted to RBMC on 31 January 2005. The Local Authorityhas agreed an extension to the Preferred Development Agreement which runs untilMay 2006. We are now, in concert with the Local Authority, actively negotiatingwith adjoining authorities and other consultees in an effort to secure consentas quickly as possible. At the same time we are in discussions with a number ofother potential tenants who are showing strong interest to the proposal. Withpolitical and local support for the project strengthening and with a healthycash position following a £1.1 million placing last month, we are lookingforward to taking this £270 million scheme into its next phase and enhancing itsvalue significantly. "We are also making good progress on the property consultancy side of thebusiness where active discussions are taking place on a variety of projects inthe UK and overseas that we believe suit our development credentials and whichhave the potential to create significant returns for our shareholders. In thesecases the Company's policy is to conserve capital by negotiating a consultancyappointment but wherever possible to include some form of success-based equityparticipation. 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. "The Company is also pleased to announce that the small marina development siteat Great Haywood has been sold at auction for £126,000. This is at the level atwhich this asset was being carried in the Company's accounts." * * ENDS* * Issued on behalf of Oak Holdings plc by St Brides Media & Finance Ltd, 46Bedford Row, London WC1R 4LR Contacts: Steve Lewis Oak Holdings plc Tel: 020 7493 5522 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange