Business
AGM Statement
AGM Statement.
About this update from Mindflair Plc
[{"type":"text","content":"\n RNS Number : 6808S Oak Holdings PLC 22 May 2009 \n \nOak Holdings plc\n\n22 May 2009\n\nAGM statement\n\nAt its Annual General Meeting to be held later today, the Chairman of Oak Holdings plc will make the following statement: -\n\nThe key feature of the last year has been the change in outlook for global economies which has particularly impinged on the UK property development market. The Company now operates in an extremely challenging business environment, which has necessitated a revised strategy and positive action to ensure survival. However whilst the timetable for the physical commencement of the development of the YES! Project, our planned 1.2 million square feet leisure, activity and convention centre in South Yorkshire is, in the present circumstances, under review, we remain confident that investment in strategically located high quality leisure and entertainment facilities will prove to be very attractive when confidence returns to the property market.\n\nDespite the economic downturn, the Company made significant progress on the YES! Project. In August 2008, we announced, following an exhaustive and, at times, frustrating negotiation process, that a Development Agreement and the terms of a 250 year lease had been agreed with Rotherham Metropolitan Borough Council, the owners of the YES! site. This Agreement covers not only the 327 acre development site but also the 1,097 acre Rother Valley Country Park. The execution of the Development Agreement was a significant achievement and ensures that the next phases of the development process are under the control of the Company.\n\nThe Development Agreement provided the Company with a legal interest in the development site and gave us the opportunity to assess for shareholders the value attributed to the YES! Project. As such we commissioned HLL Humberts Leisure to prepare a formal valuation of the YES! concept and they reported that the value of the various interests, allowing for the qualifying criteria and the uncertain market conditions, including the 27 acres of adjoining freehold access land, was £21 million. As shareholders will have noted from the Report and Accounts this valuation was not incorporated into the balance sheet at 31 October 2008.\n\nWhilst current economic circumstances have demanded a review of the YES! Timetable, discussions with potential ...