Oakwell

Oakwell: Trading halt lifted at 9am this morning. Proposed placement of 71.6m new shares to Jeffrey Hing at $0.085/share (same as last close), raising $6.1m. Proceeds will be used for working capital. Basing on FY09 figures, deal results in marginal improvement in NAV/Share to 7.61cts and a slight dilution in EPS to 0.66cts. Company is principally engaged in engineering, trading and contracting services.