Termination of Development Agreement (9513Z)
24 1월 2011 - 6:23PM
UK Regulatory
TIDMOAH
RNS Number : 9513Z
Oak Holdings PLC
24 January 2011
24 January 2011
Oak Holdings plc
Termination of development agreement
The Board of Oak Holdings plc ("Oak" or the "Company") announces
that Rotherham Metropolitan Borough Council ("RMBC") has issued it
with a notice stating that it intends to terminate the current
development agreement relating to the YES Project between RMBC, Oak
Ventures Limited and Oak Holdings plc with effect from 31 January
2011.
Oak entered into a preferred developer agreement with RMBC in
respect of the YES Project in May 2003. There was then a protracted
period during which Oak sought and obtained the various planning
permissions needed and then negotiated the development agreement
deriving from the preferred developer agreement which was finally
signed in August 2008. Since then, the global financial crisis and
depressed property markets have resulted in Oak being unable to
secure the funds needed to commence the development phase of the
project. As a result of these challenges, and notwithstanding Oak's
renewed planning consent on the YES! Project, RMBC has taken the
decision not to extend, and cancel the current development
agreement.
The Board is currently reviewing its options in respect of the
notice but there is no indication at this stage that RMBC will
agree to cancel the termination notice or extend the current
development agreement. If the situation changes a further
announcement will be made.
Oak will continue to manage the Rother Valley Country Park in
accordance with the interim management agreement. Oak continues to
own the valuable freehold of the A57 land adjacent to the site of
the YES Project - the consented access land. Oak is also engaged in
a consultancy project in the Czech Republic which is continuing and
a longer term UK consultancy project. Oak's Ringwood Town &
Country Experience businesses and assets are not affected in any
way by this announcement.
The Board continues to believe that there are opportunities for
the Company to grow and develop a viable property management and
consultancy business.
Enquiries:
Oak Holdings plc
Steve Lewis
Tel: 020 7493 5522
Nominated Adviser to Oak
Cairn Financial Advisers LLP
Tony Rawlinson
Tel: 020 7148 7900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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