Oak Holdings PLC: Re Agreement | Company Announcements

Friday 22 February, 2008

Oak Holdings PLC

Re Agreement

Oak Holdings PLC
22 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 consultancy
company, today announces that Rotherham Metropolitan Borough Council ('RMBC')
has approved the Heads of Terms for the Development Agreement and terms for a
250 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 planning
consent, executed the Section 106 agreement and secured the purchase of a
strategic parcel of land (11 Ha) which accommodates the main entrance into the
scheme.


YES! will be Europe's largest covered leisure based development, where Oak plans
to create more than 164,000m2 of leisure and entertainment space in the former
coalfield site in the Rother Valley. RMBC voted unanimously to accept the Heads
of Terms that have been negotiated since planning consent was granted.


Oak is now focusing on completing YES!'s tenant profile and on detailed design
and construction procurement.


Oak Chief Executive, Steve Lewis, said: 'This places us in an excellent position
to deliver this new and innovative scheme. It represents another significant
milestone on this major £350 million regeneration project that will help
transform the economy of South Yorkshire.'


Roger Stone, Leader of the Rotherham Metropolitan Borough Council, said: 'This
is a proud day for Rotherham, vindicating our support for this state of the art
leisure, entertainment, sports and convention project that will generate
permanent employment for up to 3,000 people'.


ENDS


For further information, please contact:


Oak Holdings plc                 Tel: 020 7493 5522
Steve Lewis, Chief Executive
Mike Hill, Finance Director


Rawlings Financial PR Limited    Tel: 01756 770376
John Rawlings
Catriona Valentine

Arbuthnot Securities Limited     Tel: 020 7012 2000
Tom Griffiths



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