Investment in Black Raven

Blue Star Capital plc
03 February 2005


For immediate release                                            3 February 2005

                              BLUE STAR CAPITAL PLC
                         ('Blue Star' or 'the Company')

                    Investment in Black Raven Properties plc

Blue Star Capital plc (AIM: BLU), the company created to provide seed capital
for early stage companies, is pleased to announce it has taken a 29.9 per cent
stake in Black Raven Properties plc ('Black Raven'), a company that today begins
trading on the Alternative Investment Market (AIM).

Blue Star led the formation of Black Raven (AIM: BRP), a company formed to seek,
purchase and develop commercial, residential and leisure sites with the
objective of generating the majority of its profits through the sale of long
leaseholds of developed units.

Blue Star invested £273,750 in Black Raven, in return for 29.9 per cent of the
company's shares.

Black Raven is the second company to be formed by Blue Star following Blue
Star's flotation on AIM in October 2004. In December 2004 India Outsourcing
Services plc, the first company to be formed by Blue Star, began trading on AIM.

Nigel Robertson, Blue Star Capital's Chairman, said: 'This is the second company
that we have successfully formed and floated at Blue Star, highlighting the pace
and determination with which we mean to build a diverse investment portfolio.
Our first two investments, together with other potential opportunities available
to us, give us confidence for the future.'

                                      ENDS


For further information:

Blue Star Capital plc                                     Tel: [phone]
Nigel Robertson, Chairman
Haresh Kanabar, Chief Executive

Durlacher Limited                                         Tel: [phone]
Jonathan Retter
Katherine Roe

Buchanan Communications                                   Tel: [phone]
Mark Court
Elly Williamson




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