Bombed-out house-builder Oakdene Homes says broadcaster ITV Meridian has served a writ over a planning application for a Southampton site.

Surrey-based Oakdene, headed by the entrepreneurial Carl Turpin, reports that South of England TV broadcaster Meridian is seeking ‘specific performance’ of a planning application for units on the site of the former TV studios in Southampton. AIM-quoted Oakdene undertook to buy the site from Meridian and, as part of the deal, to pay an extra sum of up to £2.5 million, depending on the number of units for which it obtains planning permission from the local authority.

Meridian claims that Oakdene, which lost £6.3 million after exceptional items in the six months to June and is renegotiating its banking covenants, is delaying its planning application to delay paying the additional money. Oakdene argues it is ‘looking to obtain planning at the earliest opportunity’, but complains that its application has been delayed by a requirement from the local authority for environmental reports on the site, ‘including a migrating bird study’.

Bulls have certainly migrated from Oakdene, whose shares, floated at 110p four years ago, have dropped from 215p at the beginning 2007 to 9.5p now, valuing the company at £4.9 million. A placing launched in May to raise £10 million at 50p had received commitments for only £5 million by June and Oakdene recently said it was studying its legal position after deciding commitments for £500,000 of this were ‘no longer expected to complete’.

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Oakdene Homes	AIM	£6.4m	12.75p	0.00p
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