Temporary Suspension (6315Q)
October 21 2011 - 8:00AM
UK Regulatory
TIDMOAH
RNS Number : 6315Q
Oak Holdings PLC
21 October 2011
21 October 2011
Oak Holdings plc
Temporary suspension
Loss of contract to manage the Rother Valley Country Park
The Board of Oak Holdings plc (the "Company") has been notified
that Rotherham Metropolitan Borough Council (the "Council") has
terminated with immediate effect the short term lease and
associated management agreement under which the Company's
subsidiary, Rother Valley Country Park Limited ("RVCP Ltd"),
operates the Rother Valley Country Park (the "Park").
RVCP Ltd, which was loss making in the year to 31 October 2010,
has during the current year generated a majority of the Oak Group's
turnover, even accepting the loss of the development agreement. As
a result of the termination, this turnover (which includes a
declining management fee paid by the Council), along with the costs
of running the Park, have now ceased.
RVCP Ltd has substantial assets located at the Park and the
Board is considering its position in relation to these and to the
termination of the agreements and, as previously reported, the
termination of the Development Agreement relating to the YES
Project between the Company and the Council in January this
year.
The decision by the Council regarding the Park, which was
unexpected, does not affect the other subsidiaries of the Company,
being principally Ringwood Town & Country Experience Ltd and
Oak Heritage Ltd. In light of the materiality of the terminated
contracts to RVCP Ltd and the immediate uncertainty as to the
outcome of this notice on RVCP Ltd and the Group's assets, outlook
and working capital position, the Board consider it appropriate to
request suspension of the Company's shares pending clarification of
these matters.
The Board will use its best endeavours to ensure that it makes a
further announcement as soon as possible which will enable the
suspension to be lifted.
Enquiries:
Oak Holdings plc
Michael Woodcock
Chairman
Tel: 020 7493 5522
Nominated Adviser to Oak Holdings plc
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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