PIRI.L Regulatory News (PIRI)

19 Dec 2005 07:00

Oak Holdings PLC19 December 2005 Oak Holdings plc / Epic: OAH / Index: AIM / Sector: Property Development 19 December 2005 Oak Holdings plc ('Oak' or 'the Company) Grant of warrant to subscribe for new shares to strategic consultant Oak Holdings plc, the AIM listed property development and consultancy group, hastoday granted to David Taylor Partnerships Limited ("DTP") a warrant tosubscribe for 4,500,000 new ordinary shares of 1 pence each in the Company.These are exercisable at a price of 2 pence per share at any time betweenreceiving a planning consent that can be implemented in respect of the Group'sYes! Project and 31 December 2007. DTP, headed by David Taylor, one of the UK's leading development managementconsultants engaged in regeneration projects, has been acting for the Company inconnection with the Yes! Project, its major leisure and entertainment scheme inSouth Yorkshire. DTP has agreed to invoice only a small proportion of itsnormal level of fees and as such the Company has agreed that DTP will invoice asuccess fee when Oak receives the planning consent which can be implemented forthe Yes! Project. Such success fee will be wholly satisfied by the issue of thewarrants which will become exercisable upon the grant of such planning consent. Oak Chief Executive Steve Lewis said: "In recognition of DTP's significantcontribution to the project and its belief in both the commercial andregeneration merits of project, the Board considered it appropriate to entitleDTP to participate in the increase in value which planning consent should createfor all shareholders." The planning process is continuing to move forward satisfactorily and theCompany is optimistic about being able to report the outcome of the planningapplication in the near future. * * ENDS* * Contacts: Stephen Lewis Oak Holdings plcTel: 020 7493 5522 Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes 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. Its team includes Malcolm Savage who spent 22 years with St Martins Property Corporation; and Stephen Lewis, who was also at St Martins then moved on to be responsible for Castle Mall, Norwich, Heron City Projects in Europe and Allied Irish Bank in Uxbridge in addition to several leisure schemes throughout Europe. This information is provided by RNS The company news service from the London Stock Exchange