Update

Oak Holdings PLC
18 October 2004


OAK HOLDINGS PLC

                                     UPDATE

Oak Holdings plc (the 'Company'), the AIM listed property development group, has
signed up three potential anchor operators for its planned multi million pound
flagship entertainment and leisure scheme in South Yorkshire.

The scheme, known as the YES! project, is located close to junction 31 of the M1
near Rotherham on the site of a former coal mine and will include 1.25 million
sq ft. of entertainment and leisure facilities linked to the 1,000 acre Rother
Valley Country Park.  The project is expected to generate significant
regeneration benefits for the South Yorkshire regions, including 3,000 new jobs,
many in the regions growing cultural and creative industries

Rotherham Metropolitan Borough Council, the owner of the site, selected Oak
Holdings as its Preferred Developer in 2003.  The scheme has the support of the
Council and Yorkshire Forward, the Regional Development Agency, as well as other
major public sector organisations in the region, based around a shared vision to
create a world class tourist destination for the region.

Three potential anchor operators have each signed Memorandum of Understanding 
('MOU') with Oak Holdings relating to major space at the project:

Clear Channel Entertainment (Theatrical) UK Limited, part of Clear Channel
Communications Inc., which is one of the biggest promoters of live entertainment
in the world, has confirmed interest in a new approximate 2,000 seat theatre
complex in the scheme.  It is intended that this facility will be able to stage
full scale West End productions, un-adapted, host a variety of other events, and
also incorporate a theatrical arts academy.

Baydrive Group Limited, the owners of the innovative TopGolf Centres in Watford
and Chigwell, is intending to open a major new golf centre within the YES!
development.  TopGolf Centres are luxury driving ranges, utilizing their
patented computer chipped golf balls, which provide entertainment for families
and mixed ability groups as well as serious golfers who want to improve their
swing.  The installation of a centre at the YES! project is part of Top Golf's
national and international roll-out programme.

Venture Xtreme (UK) Limited has confirmed its interest in an impressive new
facility which will include both indoor and outdoor extreme pursuits, taking
advantage of the topography of the site and the water sports facilities
available in the adjoining 684 acre country park.

Oak Holdings Chief Executive Steve Lewis said: 'We are delighted to have
received the backing from three experienced leisure operators keen on
participating in what we believe is potentially one of the most exciting leisure
and entertainment projects ever undertaken in this country.  These are the first
three MOUs to be signed by Oak and mark a major step forward in the progression
of the project.  Furthermore, we are in negotiations with a number of other
companies who have expressed interest in the project including leading
international hotel operators. These negotiations are progressing well and we
hope to make further announcements in the coming months.'


Contacts:

Steve Lewis           Oak Holdings plc                       Tel: [phone]
Hugo de Salis         St Brides Media & Finance Ltd          Tel: [phone]


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