RNS Number:9575F
Property Acquisition & ManagementLd
09 January 2003

The Directors of Property Acquisition and Management Limited today announce that
the net asset values of the Ordinary Shares and Convertible Redeemable
Preference Shares at 30 September 2002 were as follows:

Basic net asset value per Ordinary Share of 66.61 pence

Pro forma basic net asset value per Ordinary Share of 70.49 pence

Fully diluted net asset value per Ordinary Share of 74.32 pence

Basic net asset value per Convertible Redeemable Preference Share of 100.00
pence.

Enquiries to:

Collins Stewart Fund Management Limited

TSB House

Le Truchot

St Peter Port

Guernsey

GY1 4AE






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

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