OKD Oakdene

    RNS Number : 1442F
  Oakdene Homes PLC
  06 October 2008
   

    Oakdene Homes plc

    Dispute with ITV Meridian regarding planning application

    Oakdene Homes plc ("Oakdene"), the housebuilder, announces that a writ has been received from ITV Meridian seeking an order of specific
performance of the planning application for the former TV studios at Southampton. In the opinion of the directors and their legal advisers
the action is without merit. 

    Under the terms of the contract for the purchase of the site by Oakdene from ITV, ITV is due an additional payment depending on the
number of units for which planning permission is granted, up to a maximum payment of �2.5m. ITV is claiming that Oakdene has deliberately
delayed their planning application in order to delay the payment of this additional sum. In fact Oakdene is looking to obtain planning at
the earliest opportunity and has been working with internal and external planning advisors to obtain the best planning permission on the
site. Unfortunately, Oakdene has been delayed in submitting an application by a requirement of the Local Authority for various environmental
reports including a migrating Bird study, Riverside ecological study flood assessment risk and a number of other site specific reports.
These reports require studies which can take up to a year to complete and further require detailed discussions with the city council and
Planning Officers before a planning application can be made. An application of this size is a major application and cannot be made without the agreement of the local authority. All the studies are now
complete and Oakdene expects to make a formal planning application within the next 3 months.


    www.oakdene-homes.co.uk

    ENQUIRIES:

    Oakdene Homes plc                              Tel: 01737 249393
    Carl Turpin, Chief Executive
    Robert Boot, Finance Director

    Panmure Gordon                                 Tel: 020 7459 3600
    Dominic Morley             


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