Statement re Yes! Update

Oak Holdings PLC
31 January 2005


    Oak Holdings plc / Index: AIM / Epic: OAH / Sector: Property Development


31 January 2005


    OAK HOLDINGS PLC SUBMITS PLANNING APPLICATION FOR £300 MILLION YORKSHIRE
                                DEVELOPMENT AND
                       APPOINTS INTERNATIONAL ARCHITECTS


Oak Holdings plc, the AIM-listed property consultancy and development company,
in association with Rotherham Metropolitan Borough Council ('RMBC'), has today
submitted its outline planning application for its £300-million YES! Project, a
major leisure and entertainment scheme in South Yorkshire.  Furthermore, the
Company has appointed internationally renowned CZWG and Holder Mathias as the
architects to the project.

YES! will regenerate 320 acres (130 hectares) of brownfield land adjoining the
Rother Valley Country Park, Rotherham, close to J31 of the M1. Previously the
site was the Pithouse West coal mine and coking plant which has been disused for
many years.  As well as bringing tourists to the area, it is estimated the
project will create 2,700 jobs new jobs in South Yorkshire, addressing two of
the Deputy Prime Minister's Northern Way targets, promoting tourism and leisure
and tackling unemployment.

CZWG and Holder Mathias, world renowned architects, have formed a joint venture
for the project known as 'CZWG Holder Mathias'.  Piers Gough of CZWG Architects
was responsible for the acclaimed Regency Wing of the National Portrait Gallery
in Trafalgar Square, London.  He is also working on the Vaux Brewery development
in Sunderland and the design of the buildings for what will be the largest
solar-powered village in Kendal Rise, West London. Peter Mathias of Holder
Mathias Architects was responsible for the acclaimed Centre Parc's Oasis centre
in Cumbria

Oak Holdings Chief Executive Steve Lewis says: 'This is yet another important
milestone in advancing the YES! project.  We have the unequivocal support of the
local authority as, while creating around 2,700 new jobs, YES! has educational,
environmental and cultural merits that will significantly benefit surrounding
communities.  Although the application has been submitted later than originally
planned, we understood the importance of appointing a number of key anchor
tenants to strengthen the application further, which we have accordingly done.
We are now in a much stronger position having also gained significant political
and local support which should benefit the development going forward.

'Furthermore, we are delighted to appoint CZWG Holder Mathias as the project
architects, who have a fantastic reputation of delivering high quality projects.
With their support, I believe we will be able to build what we hope will be the
largest undercover tourism and leisure development in Europe.'

Rotherham Economic & Development Services' Executive Director, Adam Wilkinson,
leading the project for the council, said: 'There's a rigorous planning process
ahead, but we're confident Oak can meet the criteria. Once that's complete,
we'll be creating more than a development - it would be a vision of how future
leisure attractions could take shape. There are over 20 million people within
easy travelling distance, but the scheme would bring in visitors from all over
the country, even internationally, so the scope for extra tourism is huge. Add
YES! to other facilities in South Yorkshire and the area would become a leading
centre for leisure and tourism. Regeneration benefits would be massive - YES!
would bring in extra spending and create jobs for people right across South
Yorkshire.'

YES! will feature over one million sq ft of entertainment facilities with
supporting infrastructure that includes a unique combination of a major theatre
complex, extreme sports centre, major indoor entertainment facilities, four star
resort spa and conference hotel, exhibition centre and golf range, along with
restaurants, bars, cafes and festival retailing. The new theatre, set to be the
largest outside the West End, will help bolster the area's growing reputation as
a centre for the creative and cultural industries. By broadening the South
Yorkshire leisure offering, tourists from not only the UK but also abroad (using
the new Robin Hood Airport) will be attracted to the area.

Recently awarded an extension of its Preferred Developer Agreement status for a
further 12 months (to 16 May 2006), by Rotherham Metropolitan Council, Oak has
already signed Memoranda of Understanding's with three major occupiers for YES!
These include leading promoters of live entertainment in the world, Clear
Channel Entertainment, The Baydrive Group which owns the TopGolf courses, and
Venture Xtreme UK Ltd, the specialist sports activity company.


                                  * * ENDS * *

Contacts:

 Steve Lewis, Chief Executive, Oak Holdings plc           Tel: [phone]
 Hugo de Salis, St Brides Media & Finance Ltd             Tel: [phone]


Notes for editors:
          
     •    AIM-listed Oak Holdings plc is a development company and property
          consultancy.
          
     •    Oak's strategic focus has been on developing mixed-use, 
          leisure-oriented projects in addition to creating an income-producing 
          property consultancy business.
          
     •    Oak's directors have extensive experience in property development and 
          investment and are well known professionals in the property industry. 
          They include chairman, Malcolm Savage, who was previously chief 
          executive of St Martins Property Corporation. Chief executive Stephen 
          Lewis, has more than 30 years' experience in property and has worked 
          for St Martins, Grosvenor Estates, Heron International, Estates & 
          General and Planet Hollywood (Europe). St John Hartnell, OBE, the 
          former senior partner of Hartnell Taylor Cook, was also twice UK 
          president of the International Real Estate Federation (FIABCI) and a 
          former High Sheriff of Bristol.


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