Oak Holdings, the listed property company that was last month dropped as developer of a £300m “entertainment resort” in
In a stock market update Oak said in order to best protect shareholders’ interests it was also considering buying “for shares” a new business.
On 24 January
Oak first entered into a preferred developer agreement with Rotherham in respect of a scheme that would have created one of the largest undercover leisure-based resort and convention centres in
Oak said the contract had now been terminated in accordance with the termination notice.
It said: “In light of this very disappointing news, the Board has been reviewing the future plans and financing for the group.”
Oak said it retains four revenue generating operations and a number of assets. It has total liabilities (including medium term loans) of £ 1.9m (compared with over £2.5m at the last balance sheet date).
It said it requires further equity based funding to “achieve its objectives” and is in discussions with a third party for an injection of such funds. It is also in discussions with banks with a view to funding some of the capital required to enable its business strategy to proceed.
Of its remaining operations, at
It also owns Ringwood Town & Country Experience, where it operates a museum with an associated function space and restaurant near Ringwood. The board believes that with a “modest capital investment and some other minor changes, trading can be returned to profitability during the current year”.
The group is also involved in two property consultancy projects, one of which is generating revenues for the group.
It also owns the A57 land which is adjacent to the site of the YES! Project. Its value is “very difficult to assess”.
Oak said it had has significant liabilities including a number of term loans running forward secured on group assets
Shareholders will be further updated on the business review “in due course”.
