PIRI.L Regulatory News (PIRI)

22 Feb 2008 07:00

Oak Holdings PLC22 February 2008 For immediate release 22 February 2008 YES! Project approved development heads of terms agreed Oak Holdings plc ("OAK"), the AIM listed property development and consultancycompany, today announces that Rotherham Metropolitan Borough Council ("RMBC")has approved the Heads of Terms for the Development Agreement and terms for a250 year lease on its £350 million YES! Project, the leisure based resort,activity and convention destination in South Yorkshire. This agreement marks a memorable year for Oak in which it has secured planningconsent, executed the Section 106 agreement and secured the purchase of astrategic parcel of land (11 Ha) which accommodates the main entrance into thescheme. YES! will be Europe's largest covered leisure based development, where Oak plansto create more than 164,000m2 of leisure and entertainment space in the formercoalfield site in the Rother Valley. RMBC voted unanimously to accept the Headsof Terms that have been negotiated since planning consent was granted. Oak is now focusing on completing YES!'s tenant profile and on detailed designand construction procurement. Oak Chief Executive, Steve Lewis, said: "This places us in an excellent positionto deliver this new and innovative scheme. It represents another significantmilestone on this major £350 million regeneration project that will helptransform the economy of South Yorkshire." Roger Stone, Leader of the Rotherham Metropolitan Borough Council, said: "Thisis a proud day for Rotherham, vindicating our support for this state of the artleisure, entertainment, sports and convention project that will generatepermanent employment for up to 3,000 people". 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