Interim Results

28 July 2005

                   Oak Holdings plc (`Oak' or `the Company')                   

                                Interim Results                                

Oak Holdings plc, the AIM-listed property development company, announces its
results for the six months ended 30 April 2005.

Overview:

  * Significantly progressed YES! Project in South Yorkshire
   
  * Support of major leisure operators including Sony and Venue Solutions,
    Baydrive Group and Venture Xtreme UK Ltd
   
  * Appointed internationally renowned architects CZWG and Holder Mathias
   
  * Strong political and local support
   
  * Outline planning application submitted in January - consent expected by the
    end of 2005
   
  * Consultancy division looks promising with a number of opportunities being
    progressed
   
  * Loss before exceptional items of £642,030 (2004: £353,610) on a turnover of
    £5,526 (2004: £1,267) in line with the Board's expectations
   
  * As at 30 April 2005, the Group had net assets of £11,279,241 (including
    goodwill of £10,828,446) and cash of £744,310
   
  * Sufficient working capital to take the YES! Project through to planning
    consent if management's expectations of timetable are realised
   
Chairman's Statement

This has been a busy period for the Company during which we have significantly
progressed our major development, the YES! Project, in South Yorkshire. We are
encouraged by the support of major leisure operators and in particular Sony,
who are now keen to be associated with the project. We are also optimistic
about our consultancy division's prospects and anticipate it making a growing
contribution to revenues in the year ahead.

Results

I am pleased to report the results for the six months to 30 April 2005. In line
with the Board's expectations we made a loss before exceptional items of £
642,030 (2004: £353,610), on a turnover of £5,526 (2004: £1,267). The major
part of this loss stems from expenditure on professional fees in relation to
the YES! Project, which are not capitalised. These expenditures are within
planned forecast levels and have significantly moved the project forward. As at
30 April 2005, the Group had net assets of £11,279,241 (including goodwill of £
10,828,446) and cash of £744,310.

The Directors do not propose the payment of a dividend (2004: £Nil).

Trading

I am pleased to report a period of high activity in which significant progress
has been made on the YES! Project, our £270 million covered, mixed-use leisure
scheme located on a 327 acre ex-coalfield site adjoining the Rother Valley
Country Park in Rotherham.

We are now working with a number of key anchor tenants including Baydrive
Group, which owns the TopGolf courses, and Venture Xtreme UK Ltd, the
specialist sports activity company. We have also signed a Memorandum of
Understanding with Sony United Kingdom Ltd and Venue Solutions to provide state
of the art, innovative entertainment facilities at the scheme.

Furthermore, the Company has appointed internationally renowned architects CZWG
and Holder Mathias to design the project. The innovative and striking design
has been well received by the architectural press and will be a landmark for
the region.

During the period efforts have been focussed on harnessing political and local
support for the project such that we are now in a strong position to secure
planning approval. The outline planning application was submitted in January
and the Directors anticipate that outline consent will be obtained by the end
of 2005. This should enable the development to be completed early 2009.

The Company is also actively promoting its consultancy division which
capitalises on the extensive skills and expertise of the management team to
offer project consultancy on every aspect of property investment management and
development for discerning clients. As part of our expansion in this area we
recently appointed a new development executive who has valuable international
experience.

Now that firm foundations are in place, this division of the business looks
promising. A considerable number of consultancy opportunities are being
progressed which we hope will come to fruition soon and boost revenue in 2005/
2006. As announced on 1 July, further progress was made when we signed
consultancy agreements to advise on two major themed leisure parks in the UK -
Shakespeare's World near Banbury, Oxon and Outlaw's Kingdom near Mansfield.

In April at the time of the preliminary results announcement, we successfully
raised £1.1 million, net of expenses, through a share placing. The Directors
believe that the Company now has sufficient working capital, together with
anticipated consultancy income, to take the YES! Project through to planning
consent on the revised programme.

With a rapidly growing international reputation in the leisure, retail and
hotel sectors, a number of opportunities are now being offered to the Company.
Each of these will be carefully analysed and your Board views the future with
optimism and is looking forward to fully maximising the Oak brand.

Malcolm Savage

28 July 2005

Oak Holdings plc

Profit and loss account

For the six months ended 30 April 2005

                                         6 months      6 months      12 months
                                         ended 30      ended 30       ended 31
                                       April 2005    April 2004   October 2004
                                                                     (audited)
                                      (unaudited)   (unaudited)               
                                                                              
                                                £             £              £
                                                                              
Turnover- continuing activities             5,526             -              -
                                                                              
- discontinued activities                       -        70,629        102,611
                                                                              
Cost of sales                                   -      (69,362)       (98,269)
                                                                              
Gross profit (loss)                         5,526         1,267          4,342
                                                                              
Operating expenses                      (649,487)     (371,933)      (729,984)
                                                                              
Operating loss - continuing             (639,170)     (371,933)      (729,984)
                                                                              
- discontinued                            (4,791)         1,267          4,342
                                                                              
                                        (643,961)     (370,666)      (725,642)
                                                                              
Interest receivable                         1,931        17,056         23,882
                                                                              
Loss on ordinary activities before      (642,030)     (353,610)      (701,760)
taxation                                                                      
                                                                              
Taxation                                        -             -              -
                                                                              
Retained (loss)/profit for the          (642,030)     (353,610)      (701,760)
period                                                                        
                                                                              
Basic loss per share (in pence)            (0.1p)        (0.1p)         (0.1p)

Oak Holdings plc

Balance Sheet

As at 30 April 2005

                                         As at 30      As at 30        As at 31
                                       April 2005    April 2004    October 2004
                                                                      (audited)
                                      (unaudited)   (unaudited)                
                                                                               
                                                £             £               £
                                                                               
Intangible fixed assets                10,828,446    10,828,446      10,828,446
                                                                               
Tangible fixed assets                       2,519       129,245           4,150
                                                                               
                                       10,830,965    10,957,691      10,832,596
                                                                               
Stock                                     121,917        25,116         126,708
                                                                               
Debtors                                   107,928        35,387          21,011
                                                                               
Cash at bank and in hand                  744,310       475,782         194,247
                                                                               
Current assets                            974,155       536,285     341,966    
                                                                               
Creditors falling due within one        (345,184)     (179,222)       (207,960)
year                                                                           
                                                                               
Net current assets                        628,971       357,063         134,006
                                                                               
Total assets less current              11,459,936    11,314,754      10,966,602
liabilities                                                                    
                                                                               
Creditors falling due after more        (180,695)     (180,695)       (180,695)
than one year                                                                  
                                                                               
Net assets                             11,279,241    11,134,059      10,785,907
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                 7,480,782     6,539,483       6,539,483
                                                                               
Share premium account                   2,987,004     2,792,939       2,792,939
                                                                               
Capital redemption reserve                164,667       164,667         164,667
                                                                               
Profit and loss account               (4,550,531)   (3,560,349)     (3,908,501)
                                                                               
Merger reserve                          5,197,319     5,197,319       5,197,319
                                                                               
Equity shareholders' funds             11,279,241    11,134,059      10,785,907

Oak Holdings plc

Cash Flow Statement

For the six months ended 30 April 2005

                                         6 months      6 months      12 months
                                         ended 30      ended 30       ended 31
                                       April 2005    April 2004   October 2004
                                                                     (audited)
                                      (unaudited)   (unaudited)               
                                                                              
                                                £             £              £
                                                                              
Net Cash Outflow from                   (587,232)     (421,566)      (706,371)
                                                                              
Operating Activities                                                          
                                                                              
Returns on Investments and                                                    
                                                                              
Servicing of Finance                                                          
                                                                              
Net interest received                       1,931        17,056         23,882
                                                                              
Capital Expenditure                             -       (1,064)        (4,620)
                                                                              
Acquisitions                                                                  
                                                                              
Bank overdraft acquired with                    -      (20,478)       (20,478)
subsidiary                                                                    
                                                                              
Costs of acquisition                            -     (310,509)      (310,509)
                                                                              
Cash Outflow before Financing           (585,301)     (736,561)    (1,018,096)
                                                                              
Financing                                                                     
                                                                              
Repayment of Loans                              -      (25,624)       (25,624)
                                                                              
Proceeds from issue of shares           1,135,364         3,566          3,566
                                                                              
Increase/(Decrease) in Cash               550,063     (758,619)    (1,040,154)

Notes to the Interim Results

1 The Group results have been prepared in accordance with the accounting
polices stated in the 2004 annual report.

  * Discontinued operations relate to the realisation of the Group's former
    narrow boat and timeshare operations.
   
  * Goodwill arose on the acquisition of Oak Holdings Limited on 1 December
    2003 and was attributable primarily to the selection of Oak Holdings
    Limited by Rotherham Metropolitan Borough Council as preferred developer on
    the YES! Project, a planned major entertainment and leisure complex. No
    amortisation of goodwill has arisen as the directors consider that the
    useful life of the acquired goodwill relates to the realisation of the YES!
    Project.
   
  * The calculation of loss per share is based upon the weighted average number
    of shares in issue during the period of 669,696,179 (Year ended 31 October
    2004 - 612,837,889 and 6 months ended 30 April 2004 - 571,877,331).
   
  * The results for the periods to 30 April 2005 and 30 April 2004 are
    unaudited and do not constitute statutory accounts in accordance with
    section 240 of the Companies Act 1985. The comparative figures for the year
    ended 31 October 2004 are an abbreviated version of the full accounts which
    have been reported on without qualification by the auditors. The auditors
    however drew attention, in their report on the financial statements for the
    year ended 31 October 2004, to the inherent uncertainties with regards to
    the planning application for the YES! Project and the impact that any
    failure to obtain planning consent within the anticipated timescale would
    have on the carrying value of goodwill and the ability of the Group to
    continue as a going concern. The financial statements for the year ended 31
    October 2004 have been filed with the Registrar of Companies.
   
  * No dividend is proposed for the period ended 30 April 2005.
   
  * Copies of the interim results will be available to members of the public
    from the Company's registered office, at 15 Half Moon Street, London W1J
    7AT.
   
Contacts:

Malcolm Savage/ Oak Holdings plc Tel: [phone]

Michael Hill

Isabel Crossley St Brides Media & Finance Ltd Tel: [phone]