Interim Results

Oak Holdings PLC
28 July 2004

                                                                    28 July 2004



                        OAK HOLDINGS PLC ('the Company')

                   Interim Results for the six months ended

                                 30 April, 2004



Chairman's Statement


Results

I am pleased to report the results for six months ended 30 April 2004. It has
been an active period for your Company where we have focused our energies on
utilising our property expertise to lay the foundation from which to build a
successful property consultancy and development company. In line with our
forecasts, we made an operating loss before exceptional items of £353,610 (2003:
£103,860), on a turnover of £1,267 (2003: £2,656).  As at 30 April 2004, the
Group had net assets of £11,134,059 and cash of £475,782.

The Directors do not propose the payment of a dividend (2003: £Nil).


Strategy

The Directors of AWG fulfilled their previously stated strategy, having
identified a suitable reverse takeover acquisition, which was approved by
shareholders at an Extraordinary General Meeting, held on 1 December 2003. The
strategic focus since then has been to create a revenue generating property
consultancy business in tandem with developing mixed-use leisure based schemes.


Current Trading

The Group's new property consultancy business using the Board's extensive
property and financial experience has received considerable interest from both
international companies and private investors.  We are marketing the service to
targeted individuals and organisations that require discreet professional advice
on optimising their property assets. The services it offers include project
consultancy and development appraisal, design, risk analysis, advice on
valuation procurement, financial engineering and insurance. We have already
secured our first major client and are currently in negotiations with a number
of others.

On the development side, progress at the 327 acre YES leisure and entertainment
project in South Yorkshire has been steady. Interest from potential anchor
tenants for the theatre and four-star spa hotel with conference facilities has
been strong and as a result, we hope to be able to announce some positive news
on this in the near future.  Encouragingly, local support remains committed
which should bode well when the planning application is submitted.

In addition, we continue to look at other opportunities in the leisure property
market to widen our spread of activities and produce alternate revenue streams.
We are concentrating on securing projects which we feel can generate the right
returns for our shareholders. These are not confined to the UK but are all
focused on the leisure sector where we feel we can really add value.

We continue to make significant progress and look forward to fully maximising
the Oak Holdings potential. I would like to thank the Board for their hard work
and commitment and for creating a solid foundation from which we can build.


Malcolm Savage
28 July 2004






Oak Holdings plc


Balance Sheet
As at 30 April 2004
                                                      As at 30 April     As at 30 April    As at 31 October
                                                                2004               2003      2003 (audited)
                                                         (unaudited)        (unaudited)
                                                                   £                  £                   £
Intangible fixed assets                                   10,828,446                  -                   -
Tangible fixed assets                                        129,245            128,237             127,323

                                                          10,957,691            128,237             127,323

Stock                                                         25,116             73,611              95,178
Debtors                                                       35,387              9,890               7,639
Cash at bank and in hand                                     475,782          1,326,827           1,234,401

                                                             536,285          1,410,328           1,337,218

Creditors falling due within one year                      (179,222)          (145,499)            (89,893)

Net current assets                                           357,063          1,264,829           1,247,325

Total assets less current liabilities                     11,314,754          1,393,066           1,374,648

Creditors falling due after more than one year             (180,695)           (19,567)            (15,997)

Net assets                                                11,134,059          1,373,499           1,358,651



Capital and reserves

Called up share capital                                    6,539,483          1,622,718           1,622,718
Share premium account                                      2,792,939          2,778,007           2,778,007
Capital redemption reserve                                   164,667            164,667             164,667
Profit and loss account                                  (3,560,349)        (3,824,193)         (3,206,741)
Capital reserve                                                    -            632,300                   -
Merger reserve                                             5,197,319                  -                   -

Equity shareholders' funds                                11,134,059          1,373,499           1,358,651






Oak Holdings plc


Profit and loss account
For the six months ended 30 April 2004

                                                    Six months ended   Six months ended Twelve months ended
                                                       30 April 2004      30 April 2003     31 October 2003
                                                         (unaudited)        (unaudited)           (audited)
                                                                   £                  £                   £


Turnover                                                       1,267              2,656              86,167
Cost of sales - normal                                             -            (3,558)            (44,716)
              - exceptional                                        -                  -              25,020

Gross profit (loss)                                            1,267              (902)             66,471)
Operating expenses                                         (371,933)          (126,712)           (223,333)

Operating loss                                             (370,666)          (127,614)           (156,862)
Interest receivable                                           17,056             23,754              38,154

Loss on ordinary activities before taxation                (353,610)          (103,860)           (118,708)
Taxation                                                           -                  -                   -

Retained (loss)/profit for the period                      (353,610)          (103,860)           (118,708)

Basic loss per share (in pence)                               (0.1p)             (0.1p)              (0.1p)




Notes to the Interim Results

1    The Group results have been prepared in accordance with the accounting 
     polices stated in the 2003 annual report.

2    The calculation of loss per share is based upon the weighted average
     number of shares in issue during the period of 571,877,331 (April 2003 -
     162,271,750).

3    The results for the periods to 30 April 2004 and 30 April 2003 are
     unaudited and do not constitute statutory accounts in accordance with 
     section 240 of the Companies Act 1985.  The comparative figures for the 
     year ended 31 October 2003 are an abbreviated version of the full accounts 
     which have been reported on without qualification by the auditors and have 
     been filed with the Registrar of Companies.

4    The acquisition of Oak Ventures Limited (formerly Oak Holdings Limited) 
     during the period has been accounted for applying the acquisition basis of 
     accounting.  The fair values of the shares issued by the company in 
     exchange for the entire issued share capital of Oak Ventures Limited is 
     considered by the directors to be 2.06p per share.  This being the price
     agreed by the respective boards of the combining companies as reflecting 
     the fair value of each entity.

5    No dividend is proposed for the period ended 30 April 2004.

6    Copies of the interim results will be available to members of the public 
     from the Company's registered office, at 15 Half Moon Street, London 
     W1J 7AT.



Further Enquiries:


Oak Holdings plc                                 Tel:            020 7493 5522
Malcolm Savage/Michael Hill



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