Business
Preliminary Results - 12 mont
Preliminary Results - 12 mont.
About this update from Mindflair Plc
[{"type":"text","content":"\n RNS Number : 4130R Oak Holdings PLC 29 April 2009 \n \nFOR IMMEDIATE RELEASE\n29 APRIL 2009\n\nOAK HOLDINGS PLC\nPRELIMINARY RESULTS FOR 12 MONTHS TO 31 OCTOBER 2008\n\nOak Holdings plc, the AIM-listed property development and consultancy group, that is developing the YES! Project, a 1.2m sq ft covered fully integrated mixed-use leisure and entertainment based resort, activity and convention destination on a 327-acre site in South Yorkshire, announces its preliminary results for the 12 months to 31 October 2008. \n\nHIGHLIGHTS\n\n\n\nIn line with the Board's expectations operating loss was £0.79m compared to £0.46m last year\n\n\nConcentration of resources on the YES! Project reduced consultancy turnover to £25K from £351K last year\n\n\nNet assets at £9.48m underpinned by valuation of interests associated with the YES! Project of £21m\n\n\nSignificant progress maintained at YES! Project\n\n\nDevelopment Agreement and lease of 250 years signed in August 2008\n\n\nDiscussions with Sheffield Steelers for purpose-built arena continue\n\n\nDirectors' confident in YES! Project's potential to create shareholder value despite economic downturn\n\n\n\n\nDevelopment agreement signed with North of England land owning partner\n\n\nConsultancy contract prospects improved\n\n\nDirectors expect to conclude negotiations for new funding in the short-term\n\n\n\nContact:\n\n\n\n\n\nOak Holdings Plc\n\n\nTel: 020 7493 5522\n\n\n\n\nSteve Lewis, Chief Executive\n\n\n\n\n\n\n\nMike Hill, Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nArbuthnot Securities\n\n\nTel: 020 7012 2000\n\n\n\n\nTom Griffiths\n\n\n\n\n\n\n\n\nCHAIRMAN'S STATEMENT\n\nShareholders will be aware that the Company is now operating in an extremely challenging business environment necessitating a revised strategy and demanding positive action to ensure survival. Despite the economic conditions, I am pleased to be able to report that the Company continues to make significant progress in respect of the YES! Project, destined to be the largest undercover leisure-based resort, activity and convention centre in Europe and which will provide substantial economic regeneration in South Yorkshire.\n\nThe Company was pleased to announce in August 2008, following an exhaustive and, at tim...