6 July 2006
Oak Holdings plc
Memorandum of Understanding signed with E.ON
Oak Holdings plc (`Oak' or `the Company'), the AIM listed property development
and consultancy group, has signed a Memorandum of Understanding (`MOU') with
E.ON, the world's largest investor-owned power and gas company, to collaborate
on the development of the South Yorkshire leisure and entertainment scheme
known as the YES! project.
Under the agreement, both companies will initially work together to provide
resource and support for the next stage of the YES! Project, with a view to
developing sustainable solutions to the scheme's power, cooling and heating
needs designed to be more environmentally friendly and to enhance the
educational side of the visitor experience.
The YES! Project, on the Pithouse West site adjacent to Rother Valley Park,
received Resolution to Grant Consent by Rotherham Metropolitan Borough Council
on 11 May and is currently with the Government Office for determination of the
Planning Application. The scheme represents an inward investment of up to £300
million and will provide in excess of 2,700 jobs in this important area of
South Yorkshire which has suffered from considerable job losses. The scheme
aims to be the largest undercover leisure project in Europe and the MOU with
E.ON marks a further significant step forward.
Stephen Lewis, Chief Executive said: "The recognition by E.ON of the strategic
nature of this project is the latest endorsement for the vision and belief that
both Oak and Rotherham Metropolitan Borough Council have in this scheme. We are
privileged to have secured an MOU with one of the largest, most innovative and
most respected organisations in energy supply. The MOU is wide ranging and
allows Oak to draw upon the very best knowledge available in sustainability and
energy conservation. It also signifies the growing importance of YES! and how
attractive YES! is to major international and national partners."
* * ENDS * *
Contacts
Steve Lewis, CEO Oak Holdings plc Tel: 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.