PAQ Paq Intl

RNS Number:2514Y
Property Acquisition & ManagementLd
5 July 2002

Property Acquisition and Management Limited (the "Company") and Property
Acquisition and Management Securities Limited (the "ZDP Subsidiary")


A circular has been published and will today be despatched to shareholders of
the Company and the ZDP Subsidiary containing proposals to change the investment
policy of Property Acquisition and Management High Income Limited, a subsidiary
of the Company (so that no further investment is made in corporate bonds and
other high yielding securities), and to undertake some general corporate and
financial housekeeping (namely the reduction of the share premium account of the
Company by £25 million and the amendment of the articles of association of the
Company and the ZDP Subsidiary (so that general meetings may be convened on 14
days' notice instead of 21 days' notice and the Company's and ZDP Subsidiary's
shares may be held and transferred using CREST)).

The circular contains notices convening a class meeting of the ZDP Shareholders,
a class meeting of the Convertible Redeemable Preference Shareholders, a class
meeting of the Ordinary Shareholders and an Extraordinary General Meeting of the
Company. The ZDP Shareholders' class meeting is to be held at 10.20 a.m. on 30
July 2002, the Convertible Redeemable Preference Shareholders' class meeting is
to be held at 10.30 a.m. on 30 July 2002, the Ordinary Shareholders' class
meeting is to be held at 10.40 a.m. on 30 July 2002 and the Extraordinary
General Meeting is to be held at 10.50 a.m. on 30 July 2002. All meetings are
being held at TSB House, Le Truchot, St Peter Port, Guernsey GY1 4AE.

A copy of the above document has been submitted to the UK Listing Authority and
is available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at:


Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS


Tel no. 020 7676 1000



Enquiries:

Andrew Duquemin

Collins Stewart Fund Management Limited               Tel: 01481 731987


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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