RNS Number:0642J
Property Acquisition & ManagementLd
21 March 2003

Property Acquisition and Management Limited

The board announces that Roger Alcock, Chairman of the Company, has indicated
his intention to resign from the boards of the Company and Property Acquisition
and Management Securities Limited with effect from 31 March 2003. Roger Alcock
has chaired both companies since they were first listed in June 2000. Following
a period of intense activity within the group, Mr Alcock has concluded that, due
to personal commitments, he will not be able to devote the amount of time
required to meet the challenges of an active and expanding property group going
forward. Quentin Spicer, an existing non-executive director of the Company and
Property Acquisition and Management Securities Limited, has agreed to assume the
chairmanship of both companies following Mr Alcock's retirement. Commenting on
his decision to retire from the group, Mr Alcock said "I am leaving a strong
board in place and I thank my fellow directors for their support over the past
three years". The board would like to take this opportunity to thank Roger for
his tireless efforts on behalf of the group.




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