OAH Oak Hldgs

 

TIDMOAH 
 
RNS Number : 9016H 
Oak Holdings PLC 
02 March 2010 
 

For immediate release 
                            2 March 2010 
            Successful Placing, Other Transactions and Trading Update 
 
The Board of Oak Holdings plc ("Oak" or the "Company"), the leisure business 
operator and YES! Project developer, today announces that the Company has 
successfully completed a Placing of approximately GBP1.5m through the issue of 
new ordinary shares at 5p per share. 
 
The Company also announces that: 
 
·     Heads of terms have been agreed with Sheffield Steelers, the UK ice hockey 
champions, to build a new multi-purpose sports facility to become the first 
letting 
 
 
·     The Ringwood Town & Country Experience acquisition has been 
completed 
 
 
·     Improved year on year trading at Rother Valley Country Park continues, 
generating cash 
 
·     Application to extend planning permission for the YES! Project has been 
submitted 
 
 
·     Oak is in discussions with hotel groups in respect of further 
pre-lettings. 
 
 
Steve Lewis, Chief Executive of Oak, said: "These transactions complete the 
repositioning of Oak as an asset-based leisure business with tremendous property 
potential.  We are very pleased to have agreed terms with the Sheffield Steelers 
on the development of their new home.  This agreement adds new value to our 
Rother Valley Country Park operation and kick starts the first phase of Oak's 
exciting YES! Project. 
 
"Completion of the Placing, together with the Ringwood acquisition and the 
increased cash flow arising from the Group's leisure activities, will provide a 
solid base for growth." 
                                   ...Ends... 
For further information, please contact: 
+------------------------+----------------------------------------+ 
| Oak Holdings plc       |                     Tel: 020 7493 5522 | 
+------------------------+----------------------------------------+ 
| Steve Lewis, Chief     |          steve.lewis@oakholdings.co.uk | 
| Executive              |                                        | 
+------------------------+----------------------------------------+ 
| Mike Williams,         |        mike.williams@oakholdings.co.uk | 
| Director               |                                        | 
+------------------------+----------------------------------------+ 
|                        |                                        | 
+------------------------+----------------------------------------+ 
| Arbuthnot Securities   |                    Tel: 020 7012 2000  | 
+------------------------+----------------------------------------+ 
|                        |                                        | 
+------------------------+----------------------------------------+ 
| Rawlings Financial PR  |                     Tel: 01653 618 016 | 
| Limited                |                                        | 
+------------------------+----------------------------------------+ 
| Catriona Valentine     |       catriona@rawlingsfinancial.co.uk | 
+------------------------+----------------------------------------+ 
| Keeley Clarke          |         keeley@rawlingsfinancial.co.uk | 
+------------------------+----------------------------------------+ 
|                        |            www.rawlingsfinancial.co.uk | 
+------------------------+----------------------------------------+ 
 
 
Placing and Subscription 
 
The Board of Oak is pleased to announce that it has completed a placing (the 
"Placing") of 30,340,723 new ordinary shares of 5p each in the Company ("New 
Shares") at 5p per share of approximately GBP1.5 million from new investors, 
suppliers to the group and Directors (and connected parties). The Placing has 
raised approximately GBP650,000 in cash from investors (including Directors and 
connected parties) and approximately GBP867,000 from Directors and suppliers to 
the group in respect of sums owed to them. Of these amounts, GBP209,250 and 
GBP345,373 respectively are from Directors (and connected parties). 
 
The subscribers for the New Shares subscribed in respect of sums owed have 
agreed that such shares may not be sold before 1st January 2011 (except to 
connected persons and subject to a similar restriction or at the request of the 
Company's nominated adviser from time to time). 
 
The New Shares to be subscribed by Directors and their connected persons and 
their resultant beneficial interests in the enlarged share capital of the 
Company are as follows: 
 
+---------------------+--------------+-------------+-------------+ 
| Director            |   New Shares |   Resultant |        % of | 
|                     |   subscribed |  beneficial |    enlarged | 
|                     |    under the |    interest |      issued | 
|                     |      Placing |             |       share | 
|                     |              |             |     capital | 
+---------------------+--------------+-------------+-------------+ 
| M G Savage          |    1,216,000 |   2,797,100 |        5.03 | 
+---------------------+--------------+-------------+-------------+ 
| S B Lewis           |    2,778,923 |   3,825,442 |        6.88 | 
+---------------------+--------------+-------------+-------------+ 
| M Williams          |    3,632,000 |   3,652,609 |        6.57 | 
+---------------------+--------------+-------------+-------------+ 
| P D Collins         |      630,333 |   2,211,432 |        3.98 | 
+---------------------+--------------+-------------+-------------+ 
| G Axford            |    2,835,833 |   3,197,591 |        5.75 | 
+---------------------+--------------+-------------+-------------+ 
The participation of each of the Directors in the Placing is a related party 
transaction for the purposes of Rule 13 of the AIM Rules for Companies as they 
are each a director of the Company and, in the cases of Mr M G Savage and Mr P D 
Collins, as they and their connected parties are each interested in 10.45% of 
the current issued share capital of the Company.  Each of the subscriptions by a 
Director has been considered by the remaining Directors and, having consulted 
the Company's nominated advisor, Arbuthnot Securities Limited, in respect of 
each such subscription the independent Directors consider the terms to be fair 
and reasonable insofar as shareholders are concerned. 
Completion of Acquisition 
The Company also announces that it has completed the acquisition of Ringwood 
Town & Country Experience Limited which was originally announced on 11 May 2009 
with the consideration being varied to slightly reduce the total consideration 
and to include a GBP505,000 vendor mortgage which will be discharged by the 
issue of 10,100,000 new ordinary shares of 5p each in the Company ("Acquisition 
Shares") at 5p per share on completion of the Placing. 
Heads of terms signed with Sheffield Steelers 
The Board is also pleased to announce that the Company has signed heads of terms 
with the Sheffield Steelers Limited ("the Steelers"), the current UK Elite 
League Ice Hockey champions, to build a new multi-purpose sports facility which 
will become their new home. This important letting will represent the first 
phase in the development of the YES! Project.  The Company has agreed to seek to 
create a temporary ice rink which will be managed by the Steelers through a new 
joint venture between the Company and the Steelers to be known as Rother Valley 
Ice Limited ("RVIL").  The temporary facility is likely to have a valuable use 
after the new stadium is built, for example as a rink for public skating. 
Trading Update 
Amongst other developments in the Yes! Project, the Company has submitted an 
application to extend its planning permission for the YES! Project under the 
concessions announced by the Government on 1 October 2009. The Board is 
confident that this application will be approved as the Company has complied 
with every requirement.  In addition, the Company is holding preliminary 
discussions with hotel groups with a view to pre-let developments. 
Trading in the Rother Valley Country Park, which has been under the Group's 
management since 5 May 2009, has continued consistently above the previous 
year's levels save during a period in January 2010 when bad weather slightly 
reduced activity in the Country Park. 
Admission to trading on AIM 
The New Shares and the Acquisition Shares will rank pari passu in all respects 
with the ordinary shares currently in issue.  Application has been made for 
40,440,723 new ordinary shares to be admitted to trading on AIM and it is 
expected that such admission will become effective ("Admission"), and that 
dealings in such new ordinary shares will commence, on 5 March 2010. 
 
Total Voting Rights 
 
Following Admission, the Company's capital will consist of 55,570,856 ordinary 
shares with voting rights. The Company does not hold any ordinary shares in 
treasury. Therefore, the total number of voting rights in the Company following 
Admission will be 55,570,856. The above figure of 55,570,856 may be used by 
shareholders as the denominator for the calculations by which they will 
determine if they are required to notify their interest in, or a change to their 
interest in, the Company under the FSA's Disclosure and Transparency Rules. 
 
 
 
 
 
Notes to Editors 
 
Oak is an asset-based leisure business operator with significant property 
development potential.  The Company's activities comprise: 
 
Rother Valley County Park 
 
The Company leases and manages Rother Valley Country Park, a 1,000 acre country 
park with four artificial lakes.  The park is positioned just off the M1 on the 
border of Sheffield, Rotherham and Derbyshire.  It currently attracts over 
750,000 visitors per year and is included in the Official 2012 Olympic Training 
Camp Guide, which recommends high quality, elite sporting facilities for all 
participating athletes. 
 
Ringwood Town & Country Experience 
 
Ringwood Town & Country Experience is a leisure business based in the New 
Forest, Hampshire, which attracts around 19,000 visitors per year.  Ringwood 
Town & Country Experience incorporates a Heritage Centre with vintage cars and 
motorcycles, a full size railway station, tearooms, a restaurant, nostalgic 
shops and a 100 seat function room. 
 
YES! Project 
 
Oak is the developer of the exciting GBP350 million YES! Project, a phased 
development to create one of the largest undercover leisure based resort and 
convention destinations in Europe.  It covers 327 acres and is adjacent to the 
Rother Valley Country Park in South Yorkshire. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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