PAQ Paq Intl

RNS Number:6041Z
Property Acquisition & ManagementLd
06 August 2002


Property Acquisition and Management Limited ("PAM")

Property Acquisition and Management Securities Limited ("PAM Securities")


At the class meeting of the zero dividend preference shareholders of PAM
Securities adjourned from 30 July to earlier today, 6 August 2002, the following
resolutions were passed, as set out in the Circular dated 4 July 2002:-


 1. To reduce the capital of PAM by redesignating #25 million of the share
    premium account of PAM as a distributable reserve.

    PAM will now make an application to the Royal Court of Guernsey to confirm
    the reduction of it's share premium account.

 2. To approve the proposed changes to the investment policy of Property
    Acquisition and Management High Income Limited.


The PAM Group will now concentrate solely on property investment and trading
activities.


Enquiries:


Andrew Duquemin, tel: 01481 731 987

Collins Stewart Fund Management Limited


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

END

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