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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oak Hldgs | LSE:OAH | London | Ordinary Share | GB00B1XLNB88 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMOAH
RNS Number : 1858Q
Oak Holdings PLC
30 July 2010
Interim Results 2010
Oak Holdings plc ("Oak", the "Company" or the "Group") the leisure business
operator and YES! Project developer, announces its interim results for the six
months ended 30 April 2010.
Chairman's Statement
This is my first statement to shareholders, since being appointed as the Group's
new Chairman earlier this month. I am pleased to report that the successful
fundraising in March 2010 has enabled Oak to re-position as a leisure business
operator with significant property development potential. Economic trading
conditions remain extremely challenging and a great deal of work still lies
ahead.
The first half of the Group's financial year comprises the quieter winter
trading period. This year's unusually extreme weather conditions affected both
Rother Valley Country Park and Ringwood Town and Country Experience. During
this period, there were 16 days in January when Rother Valley Country Park was
completely inaccessible. Tight fiscal policies and a rapid management response
to the challenges ensured that the results for the half year were in line with
the Board's expectations.
The revised and updated planning permission for the YES! Project was approved by
Rotherham Metropolitan Borough Council at its submission in May 2010. This now
resides with the Local Government Office awaiting ratification, which is
expected shortly. Revenue from the Group's leisure activities has continued to
grow since the half year end, fuelled by larger numbers of people holidaying at
home rather than abroad.
In July 2010, the Board was strengthened significantly to facilitate greater
returns from the Group's existing operating activities, as well as those being
planned, and to release the inherent value of the YES! Project. The new Board
will be examining all the opportunities available to the Group over the next few
months and I look forward to reporting the outcome of those strategic
discussions in due course.
Results
The Company's results for the 6 months ended 30 April 2010 were a loss on
ordinary activities before taxation of GBP(131,140) (2009: a profit of
GBP186,791 including an exceptional credit of GBP410,086 for the release of
liabilities). Results are in line with the Board's expectations and derive
largely from the seasonality of the leisure business with the first six months
trading being mainly winter. The result includes a charge of GBP43,106 (2009:
GBP93,835) in respect of "Share Based Payments" as determined by IFRS 2.
The Group's consultancy operations generated a turnover of GBP11,688 (2009:
GBP0), as resources were directed to managing the Rother Valley Country Park and
integrating the Ringwood Town & Country Experience business into the Group's
operations. Management continued to exercise tight control over expenditure
throughout the period. Costs relating to the YES! Project amounted to
GBP125,000 - comprising fees for the renewal of the planning application.
Net assets at 30 April 2010 were GBP11.78 million (2009: GBP9.76 million),
reflecting the assets acquired with Rother Valley Country Park and the Ringwood
Town & Country Experience.
Current Strategy and Activity
The Group is focused on generating increasing revenues and income generation
from its core leisure business operations.
YES! Project
· Planning permission has been approved by Rotherham Metropolitan Borough
Council and is awaiting ratification by the Local Government Office which is
expected shortly.
· Encouraging discussions are ongoing with a number of anchor tenants, in
the hotel, retail and entertainment sectors.
Leisure Operations
Our aim is to develop the range of facilities in the park to maximize revenue
opportunities and even out seasonality through. Plans under consideration,
subject to funding, include:
· Improved catering facilities both in terms of offering and locations.
· The development of a yearly events calendar promoted in association
with the local media
· Improvement in facilities, upgrading equipment and expanding the fleet
of profitable rental equipment.
· Introduction and development of revenue generating initiatives, café
and conference centre, caravan park and event production.
The Ringwood Town and Country Experience houses an extensive collection of
memorabilia far beyond that which can be effectively displayed. Following the
summer holiday period, the Board will consider the disposal of some of these
assets and the creation of new displays at the Rother Valley Country Park to
provide a wet weather attraction for visitors.
Outlook
The Board firmly believes in the inherent value of the YES! Project and that the
Group's revenue generating activities will provide a firm platform from which to
realise this potential. Despite the fact that the funding climate and economy
present significant challenges to the immediate development of the Group, the
potential to generate substantial shareholder value remains in place. The
approval of planning for the YES! Project provides a key foundation for the
future and allows the Company to move forward with cautious optimism.
As always, I would like to thank my colleagues and our shareholders for their
continued support.
Michael Woodcock
Chairman
30 July 2010
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the six months ended 30 April 2010
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | Unaudited | | Unaudited | | Audited |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 6 | | 6 | | Year |
| | | months | | months | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | ended | | ended | | ended |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 30-Apr | | 30-Apr | | 31-Oct |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | 2010 | | 2009 | | 2009 |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | GBP | | GBP | | GBP |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | Notes | | | | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Revenue | | 510,678 | | - | | 761,784 |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Administrative expenses | | (632,856) | | (224,164) | | (845,334) |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Release of liabilities | | - | | 410,086 | | 410,086 |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| OPERATING (LOSS)/PROFIT | | (122,178) | | 185,922 | | 326,536 |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Finance income | | - | | - | | 14 |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Finance (costs) | | (9,232) | | 869 | | (732) |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Finance (costs)/income - net | | (9,232) | | 869 | | (718) |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| (LOSS)/PROFIT BEFORE TAX | | (131,410) | | 186,791 | | 325,818 |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Tax | | - | | - | | - |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| (LOSS)/PROFIT FOR THE PERIOD | (131,410) | | 186,791 | | 325,818 |
| ATTRIBUTABLE TO EQUITY HOLDERS OF | | | | | |
| THE COMPANY | | | | | |
+---------------------------------------+-----------+----------+-----------+----------+-----------+
| (LOSS)/EARNINGS PER SHARE | | | | | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
| Basic earnings/(loss) per | 4 | (0.5) | | 1.2 | | 2.2 |
| share in pence | | | | | | |
+-------------------------------+-------+-----------+----------+-----------+----------+-----------+
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 30 April 2010
+-------------------------------+-------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-------------------------------+-------+-------------+-------------+-------------+
| | | As at | As at | As at |
+-------------------------------+-------+-------------+-------------+-------------+
| | | 30-Apr | 30-Apr | 31-Oct |
+-------------------------------+-------+-------------+-------------+-------------+
| | | 2010 | 2009 | 2009 |
+-------------------------------+-------+-------------+-------------+-------------+
| | | GBP | GBP | GBP |
+-------------------------------+-------+-------------+-------------+-------------+
| | Notes | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| NON-CURRENT ASSETS | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| Goodwill | | 10,828,446 | 10,828,446 | 10,828,446 |
+-------------------------------+-------+-------------+-------------+-------------+
| Property, plant and equipment | | 1,796,813 | 1,240,436 | 1,409,417 |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL NON-CURRENT ASSETS | | 12,625,259 | 12,068,882 | 12,237,863 |
+-------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| CURRENT ASSETS | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| Inventories | | 603,425 | | 56,230 |
+-------------------------------+-------+-------------+-------------+-------------+
| Trade and other receivables | | 76,440 | 10,200 | 131,305 |
+-------------------------------+-------+-------------+-------------+-------------+
| Cash and cash equivalents | | 53,088 | - | 32,050 |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL CURRENT ASSETS | | 732,953 | 10,200 | 219,585 |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL ASSETS | | 13,358,212 | 12,079,082 | 12,457,448 |
+-------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| EQUITY | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| Called up share capital | | 9,587,206 | 7,565,067 | 7,565,067 |
+-------------------------------+-------+-------------+-------------+-------------+
| Share premium account | | 3,017,818 | 3,017,818 | 3,017,818 |
+-------------------------------+-------+-------------+-------------+-------------+
| Retained earnings | 5 | (6,190,280) | (6,182,231) | (6,101,976) |
+-------------------------------+-------+-------------+-------------+-------------+
| Capital redemption reserve | | 164,667 | 164,667 | 164,667 |
+-------------------------------+-------+-------------+-------------+-------------+
| Merger reserve | | 5,197,319 | 5,197,319 | 5,197,319 |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL EQUITY | 5 | 11,776,730 | 9,762,640 | 9,842,895 |
+-------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| LIABILITIES | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| NON-CURRENT LIABILITIES | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| Borrowings | | 738,121 | - | 534,267 |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL NON-CURRENT LIABILITIES | | 738,121 | - | 534,267 |
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| CURRENT LIABILITIES | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| Borrowings | | 438,168 | 1,053,756 | 1,011,103 |
+-------------------------------+-------+-------------+-------------+-------------+
| Trade and other payables | | 405,193 | 1,262,686 | 1,069,183 |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL CURRENT LIABILITIES | | 843,361 | 2,316,442 | 2,080,286 |
+-------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL LIABILITIES | | 1,581,482 | 2,316,442 | 2,614,553 |
+-------------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-------------------------------+-------+-------------+-------------+-------------+
| TOTAL EQUITY AND LIABILITIES | | 13,358,212 | 12,079,082 | 12,457,448 |
+-------------------------------+-------+-------------+-------------+-------------+
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 April 2010
+------------------------------+-------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
+------------------------------+-------+-----------+-----------+-----------+
| | | 6 | 6 | Year |
| | | months | months | ended |
| | | to | to | |
+------------------------------+-------+-----------+-----------+-----------+
| | | 30-Apr | 30-Apr | 31-Oct |
+------------------------------+-------+-----------+-----------+-----------+
| | | 2010 | 2009 | 2009 |
+------------------------------+-------+-----------+-----------+-----------+
| | | GBP | GBP | GBP |
+------------------------------+-------+-----------+-----------+-----------+
| | Notes | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Cash flows from operating | 6 | | | |
| activities | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Net cash | | (260,686) | 7,058 | (312,221) |
| (absorbed)/generated by | | | | |
| operations | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Net interest paid | | (9,232) | - | (718) |
+------------------------------+-------+-----------+-----------+-----------+
| Net cash (absorbed)/generated by | (269,918) | 7,058 | (312,939) |
| operating activities | | | |
+--------------------------------------+-----------+-----------+-----------+
| | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Cash flows from investing | | | | |
| activities | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Payments to acquire tangible | | (146,475) | (5,524) | (105,618) |
| fixed assets | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Acquisition of | | (85,000) | - | - |
| unincorporated business | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Net cash used in investing | | (231,475) | (5,524) | (105,618) |
| activities | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Cash flows from financing | | | | |
| activities | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Proceeds on issue of shares | | 650,139 | - | - |
+------------------------------+-------+-----------+-----------+-----------+
| Net advances on directors' loans and | 4,655 | - | 446,712 |
| loans from related parties | | | |
+--------------------------------------+-----------+-----------+-----------+
| Net proceeds from advance on | | - | - | 251,935 |
| bank loan | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Repayment of bank loans | | (26,935) | - | - |
+------------------------------+-------+-----------+-----------+-----------+
| Repayment of other loan | | (100,000) | - | - |
+------------------------------+-------+-----------+-----------+-----------+
| Repayment of obligations under hire | (5,428) | - | (750) |
| purchase contracts | | | |
+--------------------------------------+-----------+-----------+-----------+
| Net cash from financing | | 522,431 | - | 697,897 |
| activities | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Net increase in cash and | | 21,038 | 1,534 | 279,340 |
| bank balances | | | | |
+------------------------------+-------+-----------+-----------+-----------+
| Cash and bank and bank overdrafts | 32,050 | (247,290) | (247,290) |
| beginning of period | | | |
+--------------------------------------+-----------+-----------+-----------+
| Cash and bank and bank overdrafts at | 53,088 | (245,756) | 32,050 |
| 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 Windsor House, Barnett Way, Barnwood, Gloucester,
GL4 3RT. The condensed consolidated interim financial statements of the Company
for the six months ended 30 April 2010 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 2009 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 2010 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 2010.
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 2009. 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 2010 | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | YES! | Leisure | | |
| | Consultancy | Project | Operations | Unallocated | Total |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Revenue | 11,688 | - | 498,990 | - | 510,678 |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Operating | 11,688 | (191) | 24,590 | (158,265) | (122,178) |
| profit/(loss) | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Finance (costs) | - | - | - | (9,232) | (9,232) |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Profit before | 11,688 | (191) | 24,590 | (167,497) | (131,410) |
| taxation | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Taxation | - | - | - | - | - |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Profit/(loss) for the | 11,688 | (191) | 24,590 | (167,497) | (131,410) |
| period | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Six months ended 30 | | | | | |
| April 2009 | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | YES! | Leisure | | |
| | Consultancy | Project | Operations | Unallocated | Total |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Revenue | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Operating | - | (7,111) | - | - | (7,111) |
| profit/(loss) | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Unallocated corporate | - | - | - | (217,053) | (217,053) |
| costs | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Release of | - | - | - | 410,086 | 410,086 |
| liabilities | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Finance (costs) | - | - | - | 869 | 869 |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Profit before | - | (7,111) | - | 193,902 | 186,791 |
| taxation | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Taxation | - | - | - | - | - |
+-----------------------+-------------+---------+------------+-------------+-----------+
| (Loss)/profit for the | - | (7,111) | - | 193,902 | 186,791 |
| period | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Year ended 31 October | | | | | |
| 2009 | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | YES! | Leisure | | |
| | Consultancy | Project | Operations | Unallocated | Total |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Revenue | 5,000 | - | 756,784 | - | 761,784 |
+-----------------------+-------------+---------+------------+-------------+-----------+
| | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Operating | 5,000 | 70,150 | 137,494 | - | 212,644 |
| profit/(loss) | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Unallocated corporate | - | - | - | (296,194) | (296,194) |
| costs | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Release of | - | - | - | 410,086 | 410,086 |
| liabilities | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Finance costs | - | - | - | (718) | (718) |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Profit/(loss) before | 5,000 | 70,150 | 137,494 | 113,174 | 325,818 |
| taxation | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Taxation | - | - | - | - | - |
+-----------------------+-------------+---------+------------+-------------+-----------+
| Profit/(loss) for the | 5,000 | 70,150 | 137,494 | 113,174 | 325,818 |
| period | | | | | |
+-----------------------+-------------+---------+------------+-------------+-----------+
4. EARNINGS/(LOSS) PER SHARE
The calculation of the basic earnings per share is based on the following data:
+---------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+---------------------------------------+------------+------------+------------+
| | 6 | 6 | Year |
| | months | months | |
+---------------------------------------+------------+------------+------------+
| | ended | ended | ended |
+---------------------------------------+------------+------------+------------+
| | 30-Apr | 30-Apr | 31-Oct |
+---------------------------------------+------------+------------+------------+
| | 2010 | 2009 | 2009 |
+---------------------------------------+------------+------------+------------+
| | GBP | GBP | GBP |
+---------------------------------------+------------+------------+------------+
| Earnings/(loss) on ordinary | (131,410) | 186,791 | 325,818 |
| activities after tax | | | |
+---------------------------------------+------------+------------+------------+
| Number of shares | | | |
+---------------------------------------+------------+------------+------------+
| Weighted average number of ordinary | 27,970,203 | 15,130,133 | 15,130,133 |
| shares for the period | | | |
| | | | |
+---------------------------------------+------------+------------+------------+
| Earnings/(loss) per share in pence | (0.5) | 1.2 | 2.2 |
+---------------------------------------+------------+------------+------------+
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 shares of 5p each have
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 2010 would have
an anti-dilutive effect. There are potentially 783,998 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 | |
| | capital | premium | earnings | redemption | reserve | Total |
| | | | | reserve | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | GBP | GBP | GBP | GBP | GBP |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 31 October | 7,565,067 | 3,017,818 | (6,462,857) | 164,667 | 5,197,319 | 9,482,014 |
| 2008 | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| Profit for the | - | - | 325,818 | - | - | 325,818 |
| 12 months | | | | | | |
| ended 31 | | | | | | |
| October 2009 | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| Cost of share | - | - | 35,063 | - | - | 35,063 |
| based awards | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 31 October | 7,565,067 | 3,017,818 | (6,101,976) | 164,667 | 5,197,319 | 9,842,895 |
| 2009 | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| Loss for the 6 | - | - | (131,410) | - | - | (131,410) |
| months ended | | | | | | |
| 30 April 2010 | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| Cost of share | - | - | 43,106 | - | - | 43,106 |
| based awards | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| Shares issued | 2,022,139 | - | - | - | - | 2,022,139 |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
| At 30 April | 9,587,206 | 3,017,818 | (6,190,280) | 164,667 | 5,197,319 | 11,776,730 |
| 2010 | | | | | | |
+----------------+-----------+-----------+-------------+------------+-----------+------------+
6. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
+---------------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
+---------------------------------------+-----------+-----------+-----------+
| | 6 | 6 | Year |
| | months | months | |
+---------------------------------------+-----------+-----------+-----------+
| | ended | ended | ended |
+---------------------------------------+-----------+-----------+-----------+
| | 30-Apr | 30-Apr | 31-Oct |
+---------------------------------------+-----------+-----------+-----------+
| | 2010 | 2009 | 2009 |
+---------------------------------------+-----------+-----------+-----------+
| | GBP | GBP | GBP |
+---------------------------------------+-----------+-----------+-----------+
| Cash absorbed by operations | | | |
+---------------------------------------+-----------+-----------+-----------+
| Operating (loss)/profit | (122,178) | 185,922 | 326,536 |
+---------------------------------------+-----------+-----------+-----------+
| Depreciation | 1,373 | - | 2,745 |
+---------------------------------------+-----------+-----------+-----------+
| Share-based payment | 43,106 | 93,835 | 35,063 |
+---------------------------------------+-----------+-----------+-----------+
| Increase in inventories | (56,849) | - | (56,230) |
+---------------------------------------+-----------+-----------+-----------+
| Increase/(decrease) in receivables | 48,865 | 29,453 | (91,652) |
+---------------------------------------+-----------+-----------+-----------+
| Decrease in payables | (175,003) | (302,152) | (347,988) |
+---------------------------------------+-----------+-----------+-----------+
| Adjustment for waiver of loans | - | - | (180,695) |
+---------------------------------------+-----------+-----------+-----------+
| Cash generated/(absorbed) by | (260,686) | 7,058 | (312,221) |
| operations | | | |
+---------------------------------------+-----------+-----------+-----------+
7. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 April 2010 can be
obtained from the Registered Office during normal business hours and are
available on the Company's website, www.oakholdings.co.uk.
For further information, please contact:
+--------------------------------+----------------------------------+
| Cairn Financial Advisers LLP | Tel: 020 7148 7901 |
+--------------------------------+----------------------------------+
| Tony Rawlinson | |
+--------------------------------+----------------------------------+
| | |
+--------------------------------+----------------------------------+
| Rawlings Financial PR Limited | Tel: 01653 618 016 |
+--------------------------------+----------------------------------+
| Catriona Valentine | catriona@rawlingsfinancial.co.uk |
+--------------------------------+----------------------------------+
| | www.rawlingsfinancial.co.uk |
+--------------------------------+----------------------------------+
OAK HOLDINGS PLC
Oak is an asset-based leisure business operator with significant property
development potential. The Company's activities comprise:
Rother Valley County Park
The Company leases and manages Rother Valley Country Park, a 1,000 acre country
park with four major lakes. The park is positioned just off the M1 on the
borders of Sheffield, Rotherham and Derbyshire. It currently attracts over
750,000 visitors per year and is included in the Official 2012 Olympic Training
Camp Guide, which recommends high quality sporting facilities for all
participating athletes.
Ringwood Town & Country Experience
Ringwood Town & Country Experience is a leisure business located in the New
Forest, Hampshire, which attracts around 19,000 visitors per year. Ringwood
Town & Country Experience incorporates a Heritage Centre with vintage cars and
motorcycles, a replica railway station, tearooms, a restaurant, nostalgic shops
and a 100 seat function room.
YES! Project
Oak is the promoter and developer of the exciting GBP350 million YES! Project, a
phased development which will create one of the largest undercover,
leisure-based, resort and convention destinations in Europe. The site covers
327 acres and is adjacent to the Rother Valley Country Park in South Yorkshire.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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