PAQ Paq Intl

RNS Number:9884F
Property Acquisition & ManagementLd
27 June 2001



Property Acquisition and Management Limited


Issue of 70,618 new Ordinary Shares of 10p each and 116,358 new Convertible
Redeemable Preference Shares of 100p each pursuant to the Company's scrip
dividend scheme.


In accordance with the terms of the Company's scrip dividend scheme, the
Company has issued 70,618 new Ordinary Shares at a price calculated in
accordance with the terms of the scrip dividend scheme, (being the average
closing mid market price for the five business days from the ex-dividend date
of 16th May 2001) of 90p per Ordinary Share. In addition, 116,358 new
Convertible Redeemable Preference Shares have also been issued at a price of
99.5p per new Convertible Redeemable Preference Share.


Under the terms of the scrip dividend scheme referred to above, this results
in Shareholders electing for the scrip alternative receiving 1 new Ordinary
Share for every 28.125 Ordinary Shares held, and 1 new Convertible Redeemable
Preference Share for every 34.912 Convertible Redeemable Preference Shares
held. No fraction of a share will be allotted or transferred to a Shareholder
and any cash balances remaining will be retained for the benefit of the
Company.


The new Ordinary Shares and new Convertible Redeemable Preference Shares will
rank pari passu with the existing Ordinary Shares and Convertible Redeemable
Preference Shares.


Application has been made to the UK Listing Authority and the Channel Islands
Stock Exchange for the new Ordinary Shares and new Convertible Redeemable
Preference Shares to be admitted to the Official List of the UK Listing
Authority and the Official List of the Channel Islands Stock Exchange.
Application has also been made to the London Stock Exchange for the new
Ordinary Shares and the new Convertible Redeemable Preference Shares to be
admitted to trading on the London Stock Exchange's market for listed
securities. Dealings in the new Ordinary Shares are expected to commence on 28
June 2001 and dealings in the new Convertible Redeemable Preference Shares are
expected to commence on 2 July, 2001.


Definitive share certificates in respect of the Ordinary Shares are expected
to be despatched on or around 28 June 2001. The definitive share certificates
for the Convertible Redeemable Preference Shares are expected to be despatched
on or around 2 July 2001.




Enquiries:

Andrew Duquemin

Collins Stewart (CI) Limited

01481 731 942


End

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