Oak Holdings PLC
19 December 2005
Oak Holdings plc / Epic: OAH / Index: AIM / Sector: Property Development
19 December 2005
Oak Holdings plc ('Oak' or 'the Company)
Grant of warrant to subscribe for new shares to strategic consultant
Oak Holdings plc, the AIM listed property development and consultancy group, has
today granted to David Taylor Partnerships Limited ('DTP') a warrant to
subscribe for 4,500,000 new ordinary shares of 1 pence each in the Company.
These are exercisable at a price of 2 pence per share at any time between
receiving a planning consent that can be implemented in respect of the Group's
Yes! Project and 31 December 2007.
DTP, headed by David Taylor, one of the UK's leading development management
consultants engaged in regeneration projects, has been acting for the Company in
connection with the Yes! Project, its major leisure and entertainment scheme in
South Yorkshire. DTP has agreed to invoice only a small proportion of its
normal level of fees and as such the Company has agreed that DTP will invoice a
success fee when Oak receives the planning consent which can be implemented for
the Yes! Project. Such success fee will be wholly satisfied by the issue of the
warrants which will become exercisable upon the grant of such planning consent.
Oak Chief Executive Steve Lewis said: 'In recognition of DTP's significant
contribution to the project and its belief in both the commercial and
regeneration merits of project, the Board considered it appropriate to entitle
DTP to participate in the increase in value which planning consent should create
for all shareholders.'
The planning process is continuing to move forward satisfactorily and the
Company is optimistic about being able to report the outcome of the planning
application in the near future.
* * ENDS* *
Contacts:
Stephen Lewis 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. Its
team includes Malcolm Savage who spent 22 years with St Martins Property
Corporation; and Stephen Lewis, who was also at St Martins then moved on to
be responsible for Castle Mall, Norwich, Heron City Projects in Europe and
Allied Irish Bank in Uxbridge in addition to several leisure schemes
throughout Europe.
This information is provided by RNS
The company news service from the London Stock Exchange