Update on YES! Project

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

     "Resolution to Support" Received for YES! Project in South Yorkshire      

Oak Holdings plc, the AIM listed property development and consultancy group,
has received the support of the Rotherham Metropolitan Borough Council's
planning board, for its YES! Project, a £270 million entertainment destination
planned for South Yorkshire. At the Planning Board meeting on 11 May members
voted unanimously in favour of the project.

The scheme has now statutorily to be referred to the Government Office for
Yorkshire and Humberside; however obtaining the support of the Rotherham
Metropolitan Borough Council's planning board represents a significant
milestone for the Company.

Oak Holdings CEO Steve Lewis said: "We are delighted to receive the
overwhelming support of the local planning board, which is an extremely
positive step forward for the YES! Project. Having received this support, we
are now able to advance negotiations with major tenants, and hope to update the
market on our progress in the near future."

Contacts

Steve Lewis, CEO Oak Holdings plc Tel: [phone]

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

Notes for editors:

  * AIM-listed Oak Holdings plc is a development company and property
    consultancy.
   
  * Its strategic focus has been on developing mixed-use, leisure-oriented
    projects in addition to creating an income-producing property consultancy
    business.
   
  * Oak's flagship scheme is the YES! Project located on a 327 acre
    ex-coalfield site adjoining the Rother Valley Country Park in Rotherham
    where the Company hopes to develop a state-of-the-art leisure and
    entertainment centre.
   
  * Oak's directors have extensive experience in property development and
    investment and are well known professionals in the property industry.