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Oakdene Homes Plc

('Oakdene' or the 'Company')

Posting of circular

Further to the announcement on 3 June 2008, a circular relating to the issue of warrants has today been posted to shareholders, and is available at http://www.oakdene-homes.co.uk.

 

The circular includes a notice convening a general meeting of shareholders to be held at Oakdene House, 34 Bell Street, Reigate, Surrey RH2 7SL at 10.00a.m. on 4 July 2008. 

Certain of the Directors of the Company (including Nigel Wray who was appointed a Director on 9 June 2008) subscribed for Placing Shares under the Placing and, accordingly, will receive Warrants under the Warrant Proposal. In particular, Carl Turpin, Philip Stephens, Robert Boot, Philip Clarke, Timothy Hearley and Nigel Wray will, assuming the passing of the Resolutions by Shareholders, be issued with Warrants over 1,500,000, 30,000, 100,000, 31,108, 14,000 and 1,500,000 Ordinary Shares respectively.

Each grant of Warrants by the Company to the Directors listed above constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The Directors (excluding the relevant Director which is the related party for the purposes of the relevant grant of Warrants) consider, having consulted with Panmure Gordon acting as its nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Shareholders of the Company are concerned.

In addition, the grant of Warrants to RAB Special Situation Fund constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies by virtue of it being a holder of 10 per cent. or more of the Ordinary Shares. The Directors consider, having consulted with Panmure Gordon acting as its nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Shareholders of the Company are concerned.

www.oakdene-homes.co.uk

ENQUIRIES:

Oakdene Homes plc                                   Tel: 01737 249393

Carl Turpin, Chief Executive

Robert Boot, Finance Director

Bell Pottinger Corporate & Financial         Tel: 020 7861 3232

Zoe Sanders

Rosanne Perry 

Panmure Gordon                                       Tel: 020 7459 3600

Dominic Morley (Corporate Finance)             

Mark Lander (Corporate Broking)

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