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Blueheath Holdings (BOK)

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Monday 22 January, 2007

Blueheath Holdings

Update and Issue of Equity

Blueheath Holdings PLC
22 January 2007

                                                         22nd January 2007

                     Blueheath Holdings PLC ('the Company')

                           Update and Issue of Equity

The Company announced the results of a strategic review on 24 November 2006. The
key areas of focus were :-

  * unprofitable accounts;
  * an expensive delivery model;
  * inappropriate pricing architecture;
  * high central costs; and
  * overcomplicated buying model

The Board is pleased to report that excellent progress has been made in
remedying all of the areas detailed above and as a result the annualised level
of savings already achieved amounts to approximately £3.1 million. In addition
the gross margin improvement indicated from the results currently available for
the month of January 2007 would give rise to an annualised benefit in excess of
£0.5 million with further margin benefits planned to materialise in February and
March 2007. The Board is also pleased to report that service levels at the
Thurrock site have reached a level of over 97%.

Although a lot of progress has been made, the update also indicated that whilst
some actions were within the Company's control and with predicable outcomes,
others were not. This has proved to be the case as although the savings
indicated above are in line with the Board's original expectations, the
resulting level of sales are at a lower level than that which was expected. We
are now focussed on growing profitable sales.

The net result of all the factors set out above is that the Company is now
beginning to record substantially reduced monthly losses and the current
expectation is that monthly operating break even will now be achieved slightly
later, in the middle of the calendar year 2007, assuming that sales growth is in
line with expectations.

In order to ensure balance sheet strength is maintained, the Board has decided
to raise £3 million of equity capital. The Company therefore intends to issue
60,000,000 ordinary shares of 1p each ('Subscription Shares') at a price of 5p.
The Company has received commitments for the full amount of the Subscription
Shares from existing shareholders, principally Schroder Investment Management
Limited and Smedvig Capital who currently own 21.24 per cent and 19.41 per cent.
of the Company's current issued share capital.

The Company intends to use the authority granted to it by Shareholders at the
EGM held on 23 June 2006 to issue 3,599,822 Subscription Shares. A further
announcement about the issue of these Subscription Shares and application for
such Subscription Shares to be admitted to trading on AIM will be made as soon
as possible. The issue of the remaining Subscription Shares is conditional on
the approval of Shareholders at an Extraordinary General Meeting and a notice of
EGM will be despatched to Shareholders as soon as possible. Each of Schroder
Investment Management Limited, Smedvig Capital and the other subscribing
shareholders have confirmed that they intend to vote in favour of all
resolutions required to effect the issue of the 56,400,178 Subscription Shares.

Richard Rose, executive Chairman commented 'It is testament to the progress that
has been made by the new management team that the Company's working capital
requirement has been readily secured from existing holders.'


For further information please contact:

Richard Rose                           07836 250 474

                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t