New direction for YES! backer

A COMPANY which was planning to develop a major leisure resort in South Yorkshire is to become an investment vehicle.

Shareholders in Oak Holdings have approved plans which will see the company become a mechanism for investing in the resource and energy sectors in Asia.

Oak Holdings, which will be renamed Pires Investments, saw its contract to develop the YES! Project terminated by Rotherham Council last year.

The council also cancelled its contract with Oak Holdings to manage the Rother Valley Country Park, a move which led to the suspension of trading in the company’s shares.

Shareholders have now agreed a company voluntary agreement that will see unsecured creditors receive 5p in the pound in cash and a further 5p in the pound in new shares.

The company is also raising £1m from new shares that will help pay off its debts and provide Pires Investments with working capital.

Pires Investments will be led by investment banker Aamir Quraishi, corporate financier Peter Redmond and Oak Holdings finance director Chris Yates.