PIRI.L Regulatory News (PIRI)

6 Jul 2006 07:00

6 July 2006 Oak Holdings plc Memorandum of Understanding signed with E.ON Oak Holdings plc (`Oak' or `the Company'), the AIM listed property developmentand consultancy group, has signed a Memorandum of Understanding (`MOU') withE.ON, the world's largest investor-owned power and gas company, to collaborateon the development of the South Yorkshire leisure and entertainment schemeknown as the YES! project.Under the agreement, both companies will initially work together to provideresource and support for the next stage of the YES! Project, with a view todeveloping sustainable solutions to the scheme's power, cooling and heatingneeds designed to be more environmentally friendly and to enhance theeducational side of the visitor experience.The YES! Project, on the Pithouse West site adjacent to Rother Valley Park,received Resolution to Grant Consent by Rotherham Metropolitan Borough Councilon 11 May and is currently with the Government Office for determination of thePlanning Application. The scheme represents an inward investment of up to ‚£300million and will provide in excess of 2,700 jobs in this important area ofSouth Yorkshire which has suffered from considerable job losses. The schemeaims to be the largest undercover leisure project in Europe and the MOU withE.ON marks a further significant step forward.Stephen Lewis, Chief Executive said: "The recognition by E.ON of the strategicnature of this project is the latest endorsement for the vision and belief thatboth Oak and Rotherham Metropolitan Borough Council have in this scheme. We areprivileged to have secured an MOU with one of the largest, most innovative andmost respected organisations in energy supply. The MOU is wide ranging andallows Oak to draw upon the very best knowledge available in sustainability andenergy conservation. It also signifies the growing importance of YES! and howattractive YES! is to major international and national partners." * * 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