TIDMOAH
RNS Number : 5242W
Oak Holdings PLC
30 July 2009
OAK HOLDINGS PLC
Interim Report
For the six months ended 30 April 2009
Chairman's Statement
Shareholders will be aware that the current recession continues to produce an
extremely challenging business environment particularly for property development
activity. Having secured the YES! Project Development Agreement in August 2008
which includes the terms of the 250 year lease of the development site, recent
efforts have been concentrated on agreeing acceptable terms with Rotherham
Metropolitan Borough Council (RMBC) for a 7 year operational lease of the
existing Rother Valley Country Park. I am pleased to be able to report that this
lease has now been executed and that a wholly owned subsidiary of Oak Holdings
plc, Rother Valley Country Park Limited (RVCP), assumed total responsibility for
the management of the park on 8 May 2009. This is a significant achievement and
revenues generated by the park since its acquisition are already in excess of
those for the corresponding period last year. Several new initiatives have
already been introduced in the park, including the construction of a miniature
steam railway and improved food and drink offers. The operational lease also
makes provision for conversion to a 250-year term and control of the park can
therefore be seen as a launch pad for the future integrated development of the
YES! Project on the adjoining site. Control of RVCP has served to reposition the
Company away from pure property development into a cash generative leisure based
business with substantial development upside potential. Shareholders who wish to
understand further and appreciate this potential would do well to visit RVCP and
arrangements can be made for behind the scenes tours through the Chief Executive
Steve Lewis.
Results
The Company's results for the 6 months ended 30 April 2009 were a profit on
ordinary activities before taxation of GBP186,791 (2008: a loss of GBP360,191).
The results are in line with the Board's expectations and derive largely from
the formal waiver on 12 February 2009 by the directors and other related parties
of their entitlement to certain salaries, fees and loans that were owed to them
at 31 October 2008 amounting in total to GBP410,086. The result includes a
charge of GBP93,835 (2008: GBP94,300) in respect of "Share Based Payments" as
determined by IFRS 2.
There was no consultancy turnover in the period as the Company directed the
majority of its resources to the securing of the lease and management agreement
at the Rother Valley Country Park. The Company continues to exercise tight
control over expenditures. YES! costs in the period were not significant.
Net assets at 30 April 2009 were largely unchanged at GBP9.76m (2008: GBP9.82m).
Current Strategy and Activity
Whilst prudent management dictates that physical progress on the Yes! Project
must await improved national economic conditions, work is continuing on
strategic planning and liaison with potential tenants. Within the framework of
the outline planning consent, consideration is now being given to Phase 1 of the
project that, it is anticipated, will include a purpose built arena for the
Sheffield Steelers ice hockey team together with a conference hotel. The Board
remains confident that the development of the YES! Project represents an
exceptional opportunity to generate shareholder value and will continue to
concentrate resources in this area.
Despite the fact that new consultancy commissions are harder to secure in the
present economic climate, work continues on a major project in Romania and on
the 130 acre mixed use development in the North of England.
As announced in May 2009, conditional terms have been agreed for the acquisition
of the Ringwood Town and Country Experience Ltd. (RTCE). Mike Woodcock, the
current owner of the business, has many years' experience in the leisure
industry and, as announced, he will become Chief Executive of the new wholly
owned subsidiary formed to construct and operate the new miniature railway in
the Rother Valley Country Park, which is due to open in the first half of
August. In addition, much of the memorabilia currently stored at RTCE will form
the basis of a new visitor attraction in the park.
The Company has also recently announced that Mike Williams has been appointed as
a main Board Director and as Company Secretary with effect from 20 July 2009. He
brings a wealth of experience both as an accountant and as founder director of
the CDC group, a market leader in data control and intelligent building systems.
Further additions to the Board are planned and will be announced shortly.
Funding
Despite the fact that RVCP is now making a positive contribution to the group's
finances, as previously announced, further working capital is needed to take the
Company forward and to fund future revenue producing initiatives. Accordingly, a
placing of new shares to raise up to GBP2.5m is now underway with presentations
being made to potential institutional investors and with financial support
indicated from private sources. The Board is confident that the diversification
strategy which has now been adopted, together with the underlying development
potential of the YES! Project, will ensure that the placing is successful.
Outlook
'Hands on' control of RVCP has not only strengthened the business financially,
but also greatly enhanced the Company's prospects for the successful development
of the YES! Project and the associated A57 land. For the first time, potential
tenants, shareholders and potential investors can see and touch a tangible part
of the Oak plc portfolio. This will increase confidence that, even in these very
difficult economic conditions, the business is inexorably moving forward.
Finally, as always, I would like to thank my colleagues and our shareholders for
their continued support.
Malcolm Savage
Chairman
30 July 2009
Unaudited consolidated income statement
For the Six Months Ended 30 April 2009
+-------------------------+-------+-------------+---+-------------+--+--------------+
| | | Unaudited | | Unaudited | | Audited |
| | | 6 months | | 6 months | | Year ended |
| | | ended | | ended | | 31 October |
| | | 30 April | | 30 April | | 2008 |
| | | 2009 | | 2008 | | GBP |
| | | GBP | | GBP | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| | Notes | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| REVENUE | | - | | 25,073 | | 25,073 |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Administrative expenses | | (224,164) | | (372,010) | | (808,002) |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Release of liabilities | 7 | 410,086 | | - | | - |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| OPERATING PROFIT/(LOSS) | | 185,922 | | (346,937) | | (782,929) |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Finance income | | - | | 309 | | 324 |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Finance (costs) | | 869 | | (13,563) | | (8,910) |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Finance (costs) - net | | 869 | | (13,254) | | (8,586) |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| PROFIT/(LOSS) BEFORE | | 186,791 | | (360,191) | | (791,515) |
| TAX | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Tax | | - | | - | | - |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| PROFIT/(LOSS) FOR THE | | 186,791 | | (360,191) | | (791,515) |
| PERIOD ATTRIBUTABLE TO | | | | | | |
| EQUITY HOLDERS OF THE | | | | | | |
| COMPANY | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| EARNINGS/(LOSS) PER | | | | | | |
| SHARE | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
| Basic earnings/(loss) | 4 | 1.2p | | (2.4)p | | (5.2)p |
| per share | | | | | | |
+-------------------------+-------+-------------+---+-------------+--+--------------+
There are no items of recognised income and expense other than those reflected
in the consolidated income statement.
Unaudited Consolidated Balance Sheet
AS AT 30 APRIL 2009
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | Unaudited | | Unaudited | | Audited |
| | | As at | | As at | | As at 31 |
| | | 30 April | | 30 April | | October |
| | | 2009 | | 2008 | | 2008 |
| | | GBP | | GBP | | GBP |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | Notes | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| NON-CURRENT | | | | | | |
| ASSETS | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Goodwill | | 10,828,446 | | 10,828,446 | | 10,828,446 |
| | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Property | | 1,240,436 | | 1,074,825 | | 1,190,807 |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | 12,068,882 | | 11,903,271 | | 12,019,253 |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| CURRENT | | | | | | |
| ASSETS | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Trade | | 10,200 | | 4,175 | | 39,653 |
| and | | | | | | |
| other | | | | | | |
| receivables | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Cash and | | - | | 35,934 | | - |
| cash | | | | | | |
| equivalents | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | 10,200 | | 40,109 | | 39,653 |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL | | 12,079,082 | | 11,943,380 | | 12,058,906 |
| ASSETS | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| EQUITY | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Called | | 7,565,067 | | 7,565,067 | | 7,565,067 |
| up share | | | | | | |
| capital | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Share | | 3,017,818 | | 3,017,818 | | 3,017,818 |
| premium | | | | | | |
| account | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Retained | 5 | (6,182,231) | | (6,123,955) | | (6,462,857) |
| earnings | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Capital | | 164,667 | | 164,667 | | 164,667 |
| redemption | | | | | | |
| reserve | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Merger | | 5,197,319 | | 5,197,319 | | 5,197,319 |
| reserve | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL | 5 | 9,762,640 | | 9,820,916 | | 9,482,014 |
| EQUITY | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| NON-CURRENT | | | | | | |
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Borrowings | | - | | 180,695 | | 180,695 |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL | | - | | 180,695 | | 180,695 |
| NON-CURRENT | | | | | | |
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| CURRENT | | | | | | |
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Borrowings | | 1,053,756 | | 1,025,000 | | 1,067,290 |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| Trade | | 1,262,686 | | 916,769 | | 1,328,907 |
| and | | | | | | |
| other | | | | | | |
| payables | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL | | 2,316,442 | | 1,941,769 | | 2,396,197 |
| CURRENT | | | | | | |
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL | | 2,316,442 | | 2,122,464 | | 2,576,892 |
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
| TOTAL | | 12,079,082 | | 11,943,380 | | 12,058,906 |
| EQUITY | | | | | | |
| AND | | | | | | |
| LIABILITIES | | | | | | |
+-------------+----------+-------------+----------+-------------+----------+-------------+
Unaudited Consolidated Cash Flow Statement
For the Six Months Ended 30 April 2009
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| | Note | 6 months | | 6 months | | Year ended |
| | | ended | | ended | | 31 October |
| | | 30 April | | 30 April | | 2008 |
| | | 2009 | | 2008 | | GBP |
| | | GBP | | GBP | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| | | (unaudited) | | (unaudited) | | (audited) |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Cash | 6 | | | | | |
| flows | | | | | | |
| from | | | | | | |
| operating | | | | | | |
| activities | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Net cash | | 7,058 | | (18,658) | | (43,085) |
| generated/(absorbed) | | | | | | |
| by operations | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Net | | - | | (8,755) | | (1,170) |
| interest | | | | | | |
| paid | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Net cash | | 7,058 | | (27,413) | | (44,255) |
| generated/(absorbed) | | | | | | |
| by operating | | | | | | |
| activities | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Cash | | | | | | |
| flows | | | | | | |
| from | | | | | | |
| investing | | | | | | |
| activities | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Payments | | (5,524) | | - | | (16,382) |
| to | | | | | | |
| acquire | | | | | | |
| tangible | | | | | | |
| fixed | | | | | | |
| assets | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Net cash | | (5,524) | | - | | (16,382) |
| used in | | | | | | |
| investing | | | | | | |
| activities | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Cash | | | | | | |
| flows | | | | | | |
| from | | | | | | |
| financing | | | | | | |
| activities | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Repayment | | - | | - | | (250,000) |
| of bank | | | | | | |
| loan | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Net cash | | - | | - | | (250,000) |
| from financing | | | | | | |
| activities | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Net | | 1,534 | | (27,413) | | (310,637) |
| increase/(decrease) | | | | | | |
| in cash and bank | | | | | | |
| balances | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Cash and | | (247,290) | | 63,347 | | 63,347 |
| bank and | | | | | | |
| bank | | | | | | |
| overdrafts | | | | | | |
| beginning | | | | | | |
| of period | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
| Cash and | | (245,756) | | 35,934 | | (247,290) |
| bank and | | | | | | |
| bank | | | | | | |
| overdrafts | | | | | | |
| at end of | | | | | | |
| period | | | | | | |
+----------------------+----------+-------------+----------+-------------+----------+-----------------+
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
OAK HOLDINGS PLC (the "Company") is a company domiciled in England whose
registered office address is 38 South Molton Street, London, W1K 5RL. The
condensed consolidated interim financial statements of the Company for the six
months ended 30 April 2009 comprise the Company and its subsidiaries (together
referred to as "the Group").
The condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
The financial information for the year ended 31 October 2008 has been extracted
from the statutory accounts for that period which were prepared in accordance
with International Financial Reporting Standards ("IFRS"). The auditors' report
on the statutory accounts was unqualified and did not contain a statement under
Section 237 of the Companies Act 1985. A copy of those financial statements has
been filed with the Registrar of Companies.
The financial information for the six months ended 30 April 2008 was also
prepared in accordance with IFRS).
The condensed consolidated interim financial statements do not include all of
the information required for full annual financial statements.
The condensed consolidated interim financial statements were authorised for
issue on 30 July 2009.
2. BASIS OF ACCOUNTING
The condensed consolidated financial statements are unaudited and have been
prepared on the historical cost basis in accordance with International Financial
Reporting Standards as adopted by the EU ("IFRS") using the same accounting
policies and methods of computation as were used in the annual financial
statements for the year ended 31 October 2008. As permitted, the interim report
has been prepared in accordance with the AIM rules for Companies and is not
compliant in all respects with IAS 34 Interim Financial Statements. The
condensed consolidated interim financial statements do not include all the
information required for full annual financial statements and hence cannot be
construed as in full compliance with IFRS.
3. Segmental Analysis
Segmental information with regards to activity of each segment is presented
below. All turnover and profits are generated in, and assets are located in, the
UK.
Six months ended 30 April 2009
+---------------+-------------+---------+-------------+---------+
| | Consultancy | YES! | Unallocated | Total |
| | GBP | Project | GBP | GBP |
| | | GBP | | |
+---------------+-------------+---------+-------------+---------+
| Revenue | - | - | - | - |
+---------------+-------------+---------+-------------+---------+
| | | | | |
+---------------+-------------+---------+-------------+---------+
| Operating | - | (7,111) | 193,033 | 185,922 |
| profit/(loss) | | | | |
+---------------+-------------+---------+-------------+---------+
| Finance | | | | 869 |
| (costs) | | | | |
+---------------+-------------+---------+-------------+---------+
| Profit | | | | 186,791 |
| before | | | | |
| taxation | | | | |
+---------------+-------------+---------+-------------+---------+
| Taxation | | | | - |
+---------------+-------------+---------+-------------+---------+
| Profit | | | | 186,791 |
| for | | | | |
| the | | | | |
| period | | | | |
+---------------+-------------+---------+-------------+---------+
| | | | | |
+---------------+-------------+---------+-------------+---------+
Six months ended 30 April 2008
+---------------+-------------+----------+-------------+-----------+
| | Consultancy | YES! | Unallocated | Total |
| | GBP | Project | GBP | GBP |
| | | GBP | | |
+---------------+-------------+----------+-------------+-----------+
| Revenue | 25,073 | - | - | 25,073 |
+---------------+-------------+----------+-------------+-----------+
| | | | | |
+---------------+-------------+----------+-------------+-----------+
| Operating | 12,259 | (83,892) | (275,304) | (346,937) |
| profit/(loss) | | | | |
+---------------+-------------+----------+-------------+-----------+
| Finance | | | | (13,254) |
| costs | | | | |
+---------------+-------------+----------+-------------+-----------+
| Loss | | | | (360,191) |
| before | | | | |
| taxation | | | | |
+---------------+-------------+----------+-------------+-----------+
| Taxation | | | | - |
+---------------+-------------+----------+-------------+-----------+
| Loss | | | | (360,191) |
| for | | | | |
| the | | | | |
| period | | | | |
+---------------+-------------+----------+-------------+-----------+
| | | | | |
+---------------+-------------+----------+-------------+-----------+
Year ended 31 October 2008
+---------------+-------------+-----------+-------------+-----------+
| | Consultancy | YES! | Unallocated | Total |
| | GBP | Project | GBP | GBP |
| | | GBP | | |
+---------------+-------------+-----------+-------------+-----------+
| Revenue | 25,073 | - | - | 25,073 |
+---------------+-------------+-----------+-------------+-----------+
| | | | | |
+---------------+-------------+-----------+-------------+-----------+
| Operating | 6,438 | (398,951) | (390,416) | (782,929) |
| profit/(loss) | | | | |
+---------------+-------------+-----------+-------------+-----------+
| Finance | | | | (8,586) |
| costs | | | | |
+---------------+-------------+-----------+-------------+-----------+
| Loss | | | | (791,515) |
| before | | | | |
| taxation | | | | |
+---------------+-------------+-----------+-------------+-----------+
| Taxation | | | | - |
+---------------+-------------+-----------+-------------+-----------+
| Loss | | | | (791,515) |
| for | | | | |
| the | | | | |
| period | | | | |
+---------------+-------------+-----------+-------------+-----------+
| | | | | |
+---------------+-------------+-----------+-------------+-----------+
4. EARNINGS/(Loss) per share
The calculation of the basic earnings per share is based on the following data:
+-----------------+-------------+-------------+------------+
| | 6 | 6 | Year |
| | months | months | ended |
| | ended | ended | |
+-----------------+-------------+-------------+------------+
| | 30 | 30 April | 31 October |
| | April | 2008 | 2008 |
| | 2009 | | |
+-----------------+-------------+-------------+------------+
| | (unaudited) | (unaudited) | (audited) |
+-----------------+-------------+-------------+------------+
| | GBP | GBP | GBP |
+-----------------+-------------+-------------+------------+
| Earnings/(loss) | 186,791 | (360,191) | (791,515) |
| on ordinary | | | |
| activities | | | |
| after tax | | | |
+-----------------+-------------+-------------+------------+
| Number | | | |
| of | | | |
| shares | | | |
+-----------------+-------------+-------------+------------+
| Weighted | 15,130,133 | 15,130,133 | 15,130,133 |
| average | | | |
| number | | | |
| of | | | |
| ordinary | | | |
| shares | | | |
| for the | | | |
| period | | | |
+-----------------+-------------+-------------+------------+
At a General Meeting on 6 November 2008, it was resolved that the ordinary
shares of 50p each be subdivided into 10 shares of 5p each and that 9 of such
shares were reclassified as deferred shares of 5p each with the remaining share
reclassified as a new ordinary share of 5p, which is the class of share which
would be issued in any funding issue. The new ordinary share of 5p each has the
same rights as to dividends, votes and (in all practical terms) participation in
any repayment of capital as those of the previously existing issued ordinary
shares of 50p each.
The new deferred shares have no voting or dividend rights and will only have
rights to a repayment of the nominal value of the shares and then only after a
significant capital payment has been made to the holders of ordinary shares. The
Company has the right to acquire the entire issued class of deferred shares from
time to time for a nominal consideration, which it intends to do when
appropriate. The new deferred shares are thus, in practical terms, valueless.
This sub-division and reclassification has had no impact on the number or value
of a shareholder's holding of ordinary shares and as such it has not been
necessary to recalculate the weighted average number of ordinary shares for any
period above in order to calculate the profit or loss on each ordinary share.
The exercise of the outstanding options and warrants at 30 April 2009 would have
an anti-dilutive effect. There are potentially 1,139,312 ordinary shares that
could be issued under the terms of options, and 2,022,089 warrants, that will
potentially reduce future earnings per share.
5. STATEMENT OF CHANGES IN EQUITY
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| | Share | Share | Retained | Capital | Merger | | Total |
| | capital | premium | earnings | redemption | reserve | | |
| | | | | reserve | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| | | GBP | GBP | GBP | GBP | | GBP |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Balance at 1 | 7,565,067 | 3,017,818 | (5,858,064) | 164,667 | 5,197,319 | | 10,086,807 |
| November 2007 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Loss for the 6 | - | - | (360,191) | - | - | | (360,191) |
| months ended | | | | | | | |
| 30 April 2008 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Cost of share | - | - | 94,300 | - | -- | | 94,300 |
| based awards | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| At 30 April | 7,565,067 | 3,017,818 | (6,123,955) | 164,667 | 5,197,319 | | 9,820,916 |
| 2008 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Loss for the 6 | - | - | (431,324) | - | - | | (431,324) |
| months ended | | | | | | | |
| 31 October | | | | | | | |
| 2008 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Cost of share | - | - | 92,422 | - | -- | | 92,422 |
| based awards | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| At 31 October | 7,565,067 | 3,017,818 | (6,462,857) | 164,667 | 5,197,319 | | 9,482,014 |
| 2008 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Profit for the | - | - | 186,791 | - | - | | 186,791 |
| 6 months ended | | | | | | | |
| 30 April 2009 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| Cost of share | - | - | 93,835 | - | - | | 93,835 |
| based awards | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
| At 30 April | 7,565,067 | 3,017,818 | (6,182,231) | 164,667 | 5,197,319 | | 9,762,640 |
| 2009 | | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+--+------------+
6. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
+----------------------+-------------+-------------+------------+
| Cash | 6 | 6 | Year |
| absorbed | months | months | ended |
| by | ended | ended | |
| operations | | | |
+----------------------+-------------+-------------+------------+
| | 30 | 30 April | 31 October |
| | April | 2008 | 2008 |
| | 2009 | | |
+----------------------+-------------+-------------+------------+
| | (unaudited) | (unaudited) | (audited) |
+----------------------+-------------+-------------+------------+
| | GBP | GBP | GBP |
+----------------------+-------------+-------------+------------+
| Operating | 185,922 | (346,937) | (782,929) |
| profit/(loss) | | | |
+----------------------+-------------+-------------+------------+
| Share-based | 93,835 | 94,300 | 186,722 |
| payment | | | |
+----------------------+-------------+-------------+------------+
| Increase) / | 29,453 | - | (35,478) |
| (decrease) | | | |
| in debtors | | | |
+----------------------+-------------+-------------+------------+
| (Decrease) | (302,152) | 233,979 | 588,600 |
| / increase | | | |
| in | | | |
| creditors | | | |
+----------------------+-------------+-------------+------------+
| Cash | 7,058 | (18,658) | (43,085) |
| generated/(absorbed) | | | |
| by operations | | | |
+----------------------+-------------+-------------+------------+
7. RELEASE OF LIABILITIES
As disclosed in the 2008 Annual Report, on 12 February 2009 the directors and
certain related parties formally waived their entitlement to certain salaries,
fees and loans that were owed to them. As a result, the Group was released from
total liabilities of GBP410,086.
8. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 April 2009 can be
obtained from the Registered Office during normal business hours and are
available on the Company's website, www.oakholdings.co.uk. .
Contact details:
+------------------------------------------+------------------------------------+
| Oak Holdings plc | Tel: 020 7493 5522 |
+------------------------------------------+------------------------------------+
| Stephen Lewis, Chief Executive Officer | |
+------------------------------------------+------------------------------------+
| Mike Williams, Finance Director | |
+------------------------------------------+------------------------------------+
| | |
+------------------------------------------+------------------------------------+
| Arbuthnot Securities Limited | Tel: 020 7012 2000 |
+------------------------------------------+------------------------------------+
| Tom Griffiths | |
+------------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSSEAFMUSUSEEW
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