29 Oct 2009 07:00
Oak Holdings plc
Current Trading & News Update
The Board of Oak Holdings plc is pleased to announce that it has made considerable operational progress in its trading and is taking the opportunity to update all shareholders of this in anticipation of making a number of presentations to potential investors over the coming weeks regarding a potential placing of new ordinary shares of 5p each to raise up to £1.5 million .
Since acquiring a lease on the Rother Valley Country Park ("RVCP") on 8th May 2009, trading income has been healthy, showing a year-on-year increase in income in the 5 months ended 8th October 2009 of 21.5%. This has been achieved by a combination of the smooth assimilation of the business and the establishment of new attractions, along with the enthusiasm of the park's management and operational staff. A programme of investment has commenced which includes a new 7 ¼" miniature gauge steam railway and both land and water zorbs.
Oak Holdings plc, by virtue of the RVCP transaction and with the conditional acquisition of Ringwood Town & Country Experience to be completed following a successful completion of the placing, is repositioning itself as a sustainable, leisure based business with substantial development interests. The Board expects that the Group will be profitable in 2010.
Commenting on the excellent progress, Chief Executive Steve Lewis said "The integration of RVCP has been exceptionally smooth and builds on the excellent relationship we have forged with Rotherham Metropolitan Borough Council ("RMBC") over the years. The response of the RVCP staff during the transition has been most heartening and professional. A structured expansion of facilities in the Park, which should significantly increase visitor numbers, has been agreed with RMBC which will bring lasting benefits to the people of Rotherham, South Yorkshire, and beyond. The introduction of the miniature gauge railway has already generated interest from as far afield as the US."
RVCP is part of South Yorkshire's offer to be a training camp for the 2012 Olympics and features in the Official Olympics Guide. It is also an established venue for National championships and, since 8th May 2009, RVCP has hosted:
British Disabled Triathalon Championship
National Open Water Championship
Northern Hovercraft Championship
Winter leg of the British Jet-Ski Championship
Scout Splashdown Regatta : Regional Camp
RVCP is embarking on an exciting and diverse programme of events and competitions for the coming year, commencing with a Halloween themed firework spectacular and a novel Christmas experience. The ethos of RVCP is to develop the park as part of the overall YES! concept and wider land holding. The progress Oak has made means that it is now well placed to take advantage of improving economic conditions.
Contact details:
Oak Holdings plc Tel: 020 7493 5522
Stephen Lewis, Chief Executive Officer
Mike Williams, Director