Bluehone Holdings Plc

December 21, 2009 02:00 ET

Half year report

                                      BLUEHONE  HOLDINGS  PLC
                                          (the "Company")
                                 INVESTMENTS  WEST  MIDLANDS  PLC

                                       CHAIRMANS  STATEMENT
I am pleased to present the results for the six months to 30 September 2009.

During this period, your Board was progressing the reverse takeover of Bluehone Investors (through
its  holding  company Bluehone Ltd) which was approved by shareholders after the half  year  on  9
November  2009.   The  Company's shares, which were suspended from  trading  on  PLUS  during  the
takeover  period, were restored to trading on PLUS on 11 November and I am pleased that the  share
price has more than doubled from its suspension price of 1.2p.

The  results  presented here for the six month period show a loss of £172,719 (six  months  to  30
November 2008: loss of £1,326).

The  loss  falls  into  two  parts; a loss on ordinary activities of £7,774  representing  general
administrative expenses and an exceptional item of £164,945 which is a provision for  all  of  the
costs incurred in professional advisers' fees for the acquisition of Bluehone Ltd.

In  addition to the acquisition of Bluehone Ltd, your Company has acquired interests in two  other
financial services companies, Evolve Capital plc and Elderstreet Investors Ltd, both of which  are
now  shareholders in Bluehone Holdings plc.  Since the acquisition of Bluehone Ltd  completed,  we
have  also  announced  a  deal where we will become a 19.9% shareholder in another  business,  St.
Helen's Capital plc, to be renamed Marechale Capital plc.

I  thank all of our shareholders for their support and patience and I am sure we shall be able  to
build our business on the foundations now in place.

John Wheatley

21 December 2009

                                               6 MONTHS  ENDED                           6 MONTHS  ENDED
                                             30  SEPTEMBER  2009                       30  NOVEMBER  2008
                                                     GBP                 Notes                 GBP
PROFIT  AND  LOSS  ACCOUNT                                                                      
Turnover                                              -                                         -
Administrative Expenses                               (7,891)                                (6,715)
                                                   ________                                 ________
Operating Loss                                        (7,891)                                (6,715)
Interest Receivable                                      117                                  5,389
                                                   ________                                 ________
Loss on ordinary activities before Tax                (7,774)                                (1,326)
Tax                                                   -                                         -
Exceptional items                                 (164,945)                1                    -
                                                   ________                                 ________
(Loss) for the Period                             (172,719)                                  (1,326)
                                                   ________                                 ________
(Loss) per share                                   (1.38p)                                   (0.01p)
BALANCE  SHEET                               30  SEPTEMBER  2009                       30  NOVEMBER  2008
                                                     GBP                                       GBP
Tangible Fixed Assets                                 -                                         -
CURRENT  ASSETS                                                                                 
     Debtors                                           1,711                                      152
     Cash                                          226,161                                   259,500
                                                   ________                                 ________
                                                   227,872                                   259,652
Creditors : Amounts falling due within                                                          
one year                                          (166,425)                                   (9,760)
                                                   ________                                 ________
TOTAL  ASSETS  LESS  CURRENT                                                                    
LIABILITIES                                          61,447                                  249,892
                                                   ________                                 ________

CAPITAL  AND  RESERVES                                                                          
Called up share capital                            251,100                                     251,100
     Share premium account                           65,251                                     60,756
     Profit and loss account                      (254,904)                                    (66,459)
     Warrant reserve                                  -                                           4,495
                                                   ________                                 ________
EQUITY  SHAREHOLDERS  FUNDS                          61,447                                    249,892
                                                   ________                                 ________

    1.      The exceptional costs are the professional fees incurred in relation to the acquisition of
        Bluehone Ltd which was approved by the shareholders on 9 November 2009.
Following the reverse acquisition of Bluehone Ltd. the Company has an accounting reference date of
31 March and therefore interim results have been prepared for the six months to 30 September 2009.
Six  month interim results were last prepared and announced for the six months to 30 November 2008
and these are included above as comparative information.


Bluehone Holdings Plc
John Wheatley                    07836 601938
Bill Brown                       020 7496 8929

Charles Cunningham               020 7600 1658
Ed Frisby

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