PIRI.L Regulatory News (PIRI)

7 Mar 2008 07:00

Oak Holdings PLC07 March 2008 Oak Holdings plc / Epic: OAH / Index: AIM / Sector: Property Development 7 March 2008 OAK AND SHEFFIELD STEELERS Sign Memorandum of Understanding Oak Holdings plc ("Oak" or "Oak Holdings"), the AIM listed property developmentand consultancy company, is pleased to announce that it has signed a Memorandumof Understanding ("MoU") with Sheffield Steelers, one of Britain's topice-hockey teams. The MoU covers the collaboration in the development of theSteelers' own purpose-built arena at Oak's £350m YES! Project, the leisure basedresort, activity and convention destination in South Yorkshire. Under the terms of the agreement, Sheffield-based Steelers will be the first icehockey club in the UK to have its own purpose-built arena. Steelers' managementsays this will not only be a first in UK ice-hockey but it will benefit the club and its fans. Steelers' owner Bob Phillips said "This is a great deal for us, but moreimportantly, it's a great deal for our fans and sponsors in delivering a longterm sustainable business for the Steelers club. It will help us in our plans to grow our club and in our work to expand interest in ice-hockey throughoutYorkshire." The Steelers average about 4,300 spectators per home match. Their proposed newbase at YES! will cover 60,000 sq ft, hold about 5,000 spectators, and offer itsown amenities plus all the others available within YES!, which is forecast to beEurope's largest covered leisure destination. In addition, YES! will regenerate327 acres of former coalfield land, creating up to 3,000 new jobs for peopleacross South Yorkshire and beyond. The Steelers are set to relocate to YES! in 2011. Steve Lewis, Chief Executive of Oak Holdings, said: "We're very proud to beassociated with the Steelers. This is a significant step forward not just forYES! and the Steelers, but for the sport of ice hockey. "The road, public transport and infrastructure improvements will make access tothe venue very easy. Moreover, we aim to ensure that whilst with us the fans and their families will enjoy an all-round enjoyable experience." Rotherham Metropolitan Borough Council has worked closely with Oak Holdings overthe past four years. The council's cabinet has recently approved Heads of Terms,setting out the commercial terms between the Local Authority and Oak for aDevelopment Agreement and terms for a 250 year lease at the YES! Project. Council leader Cllr Roger Stone said: "We see the Steelers deal as a win-winall-round - for the club and its fans, for the sport, and for Sheffield,Rotherham and the rest of South Yorkshire." Signing the Steelers is the latest development for YES! Among other partners,Oak has signed Memoranda of Understanding with extreme-sports specialist VentureXtreme and hi-tech golf driving-range company Baydrive. They have also signedstrategic partnerships with BT and E.On. ENDS For further information, please contact: Oak Holdings plc Tel: 020 7493 5522Steve Lewis, Chief ExecutiveMike Hill, Finance Director Rawlings Financial PR Limited Tel: 01756 770376John RawlingsCatriona Valentine Arbuthnot Securities Limited Tel: 020 7012 2000Tom Griffiths This information is provided by RNS The company news service from the London Stock Exchange