5 Oct 2007 07:00
OAK HOLDINGS PLC Issue of Equity
Oak Holdings plc (the "Company") announces that it has raised approximately ‚£114,000 by the issue of an aggregate of 167,644 new ordinary shares of 50p each ("New Ordinary Shares") to directors of the Company and interests associated with the Directors at 68p per share (the "Subscription").
The proceeds of the Subscription, together with ‚£25,000 of loans already made by the Directors to the Company, will provide the limited working capital required by the Company pending the finalisation of the definitive Development Agreement in respect of the YES! Project with Rotherham Metropolitan Borough Council, which is expected to be completed overcoming weeks. This development agreement will replace the already extended Preferred Developer Agreement under which the Company has operated to date and achieved outline planning consent on 22 January 2007.
The table below shows the number of New Ordinary Shares being subscribed for by Directors and their interests in the Company following the Subscription:
Number of Number of New Ordinary Shares % of enlarged Ordinary Shares held post issued ordinaryDirector subscribed Subscription share capital M Savage 44,117 1,581,100 10.45G Axford 29,411 374,557 2.48P Collins 44,117 1,581,099 10.45M Hill 10,294 79,227 0.52S Lewis 39,705 1,047,148 6.92
Application has been made for the New Ordinary Shares to be admitted to trading on AIM, which is expected to become effective on 10 October 2007 ("Admission"). The New Ordinary Shares will rank pari passu with the existing issued ordinary shares of the Company and have been allotted and issued credited as fully paid.
Following Admission, the total issued share capital of the Company will increase to 15,130,133 Ordinary Shares.
For further information, please contact:
Oak Holdings plc Tel: 020 7493 5522Steve Lewis, Chief ExecutiveMike Hill, Finance DirectorRawlings Financial PR Limited Tel: 01756 770 376John RawlingsCatriona ValentineArbuthnot Securities Limited Tel: 020 7012 2000Tom Griffiths
OAK HOLDINGS PLC