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: 020 7493 5522 Hugo de Salis, St Brides Media & Finance Ltd Tel: 020 7242 4477 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. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Mindflair (MFAI)
UK 100