Final Results

Raven Capital Inc
21 March 2006

21 March 2006

                               Raven Capital Inc

                              Preliminary Results

Chairman's Statement

The Board of Raven Capital Inc ('Company') is pleased to announce the maiden
results for the Company since it was incorporated on 19 November 2004, which
includes its admission to AIM in December 2004 with the objective of building a
group specialising in the hedge fund sector.

During the period the Company's Directors explored a number of potential
opportunities, although none have been sufficiently attractive to merit being
put before shareholders.  Despite this the Board has continued to review
potential acquisitions and joint venture opportunities.

Approach by EP Holding (S) Pte Limited

In December 2005 the Board was approached by EP Holding (S) Pte Limited ('EP'),
an investment company based in Singapore, with a proposal to invest additional
funds into the Company and to work with the Board to source a suitable
acquisition.  EP is controlled by Mr Stephan Ludwig who has spent ten years with
Credit Suisse First Boston in London and New York before joining Nomura
International in London as Managing Director and co-head of a newly formed asset
trading group where he built a US$ 5 billion portfolio.  Mr Ludwig subsequently
joined Nomura Securities in Asia as a main board director and as Head of Capital
Markets in Asia.  Since leaving Nomura in 1998, Mr Ludwig has managed his
personal portfolio of private venture capital investments and is a non-executive
director of a number of these enterprises.

New Funds

On 13 January 2006 discussions with EP were successfully concluded and Raven
raised an additional £150,000 through a placing of 13,300,000 new ordinary
shares with EP representing approximately 29.99% of the enlarged share capital
of the Company.  The new money was raised in order to continue to investigate
opportunities and for general working capital purposes.

As part of this arrangement, the Company agreed that EP may appoint a director
to the board for so long as it holds 20 per cent. or more of the Company's share
capital.  EP elected not to appoint a director at that stage and this remains
the case.

Outlook

The Directors believe that together with the continued support from Raven's
shareholders and the new funds from EP there are sufficient resources for the
Company to consider a number of new investment opportunities.  The Board will
inform shareholders of progress in due course.



Graham Butt
Chairman

21 March 2006



Enquiries:              John Bick               tel:  [phone]



RAVEN CAPITAL  INC

PROFIT AND LOSS ACCOUNT

For the period ended 30 September 2005                                                   Period from
                                                                                       19.11.2004 to
                                                                             Note          30.9.2005
                                                                                               £'000


Administrative expenses                                                                         (362)

Operating loss                                                                                  (362)

Interest receivable                                                                                4

Loss on ordinary activities before taxation                                                     (358)

Taxation                                                                       2                   -

Loss on ordinary activities after taxation and retained loss                   4                (358)

Loss per ordinary share (pence)
- basic                                                                        3               (1.20)





RAVEN CAPITAL INC

BALANCE SHEET AT 30 SEPTEMBER 2005

                                                                             Note          30.9.2005
                                                                                               £'000

Current assets
Debtors                                                                                            4
Cash at bank                                                                                      43
                                                                                                  47

Creditors:
Amounts falling due within one year                                                              (74)


Net current liabilities, total assets less current liabilities and net                           (27)
liabilities


Capital and reserves
Called up share capital                                                                           78
Share premium account                                                                            253
Profit and loss account                                                                         (358)
Equity shareholders' deficit                                                   4                 (27)






RAVEN CAPITAL  INC


CASH FLOW STATEMENT

For the period ended 30 September 2005
                                                                                         Period from
                                                                                         19.11.04 to
                                                                             Note          30.9.2005
                                                                                               £'000

Net cash outflow from operating activities                                     5                (292)

Returns on investments and servicing of finance
Interest received                                                                                  4

Net cash inflow from returns on investments and service                        
of finance                                                                                         4

Net cash outflow before financing                                                               (288)

Financing
Issue of shares                                                                                  477
Share issue costs
                                                                                                (146)

Net cash inflow from financing                                                                   331

Increase in cash                                                               6                  43




RAVEN CAPITAL INC


NOTES TO THE PRELIMINARY ANNOUNCEMENT

1     BASIS OF PREPARATION

The preliminary announcement has been prepared in accordance with applicable
accounting standards and under the historical cost convention.

The Company was incorporated as a Corporation in the Cayman Islands which does
not prescribe the adoption of any particular accounting framework.  Accordingly,
the Board have resolved the Company will follow UK Accounting Standards and
apply the Companies Act 1985 when preparing its annual financial statements.
The principal accounting policies are set out in the Company's 2005 annual
report and financial statements.


2     TAXATION ON LOSS ON ORDINARY ACTIVITIES

There is no tax charge for the period.  The Company does not operate within the
UK and there is no tax arising on its operations.


3     LOSS PER SHARE

The calculation of the basic loss per share is based on the loss on ordinary
activities after tax of £358,000 divided by the weighted average number of
ordinary shares in issue during the period of 29,941,589.   The impact of the
warrants on the loss per share is anti-dilutive.


4     RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                                                        Period from
                                                                                        19.11.04 to
                                                                                          30.9.2005
                                                                                              £'000

Loss for financial period                                                                      (358)
Issue of ordinary share capital                                                                 331
Net decrease in shareholders' funds                                                             (27)
Equity shareholders' funds at incorporation                                                       -
Equity shareholders' deficit carried forward                                                    (27)



5     RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
                                                                                         Period from
                                                                                         19.11.04 to
                                                                                           30.9.2005
                                                                                               £'000

Operating loss                                                                                  (362)
Increase in debtors                                                                               (4)
Increase in creditors                                                                             74
Net cash outflow from operating activities                                                      (292)



6      RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
                                                                                         Period from
                                                                                         19.11.04 to
                                                                                           30.9.2005
                                                                                               £'000

Increase in cash for the period                                                                   43

Change in net funds resulting from cashflows                                                      43

Net funds on incorporation                                                                         -
Net debt carried forward                                                                          43



7     PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.

The balance sheet at 30 September 2005 and the profit and loss account, cash
flow statement and associated notes for the period then ended have been
extracted from the Company's 2005 statutory financial statements upon which the
auditors' opinion is unqualified and does not include any statement under
Section 237 of the Companies Act 1985.

ends

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