RNS Number:3185L
Ptarmigan Int. Capital Trust PLC
20 May 2003



PTARMIGAN INTERNATIONAL CAPITAL TRUST PLC

Adam & Company Investment Management Limited, the managers of Ptarmigan
International Capital Trust (PICT) announce that the unaudited Net Asset Value
of PICT ordinary shares as at 16th May 2003 was 296.30p. This assumes conversion
of the Convertible Bonds and does not include any income retention for the year
to-date.






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