RNS Number:6393N
Property Acquisition & ManagementLd
16 July 2003


PROPERTY ACQUISITION AND MANAGEMENT LIMITED ("PAM")
PROPERTY ACQUISITION AND MANAGEMENT SECURITIES LIMITED ("PAM Securities")

At the various Class Meetings, Annual General Meetings and Extraordinary General
Meetings of PAM and PAM Securities held today, as set out in the Notices dated 4
June 2003 included in the Report and Accounts, the following resolutions were
passed:

 1. To adopt the reports of the Directors and Auditors and the audited financial
    statements of PAM for the year ended 31 December 2002.

 2. To adopt the reports of the Directors and Auditors and the audited financial
    statements of PAM Securities for the year ended 31 December 2002.

 3. To reappoint Deloitte & Touche as Auditors of PAM and PAM Securities and to
    authorise the Directors to agree their remuneration.

The following resolutions were approved by the requisite majorities of Ordinary
Shareholders and Convertible Redeemable Preference Shareholders but will not
take effect until passed at an adjourned separate Class Meeting of the Zero
Dividend Preference Shareholders, to be held at 2nd Floor, TSB House, Le
Truchot, St Peter Port, Guernsey, GY1 4AE at 11:10am on 23 July 2003:

 1. To authorise PAM to make market purchases of and cancel up to 8,332,010
    Ordinary Shares.

 2. To authorise PAM to purchase and cancel up to 4,864,131 Convertible
    Redeemable Preference Shares.

 3. To authorise PAM Securities to purchase and cancel up to 4,443,979 Zero
    Dividend Preference Shares.



Enquiries:

Andrew Duquemin
Collins Stewart Fund Management Limited
2nd Floor
TSB House
Le Truchot
St Peter Port
Guernsey
GY1 4AE

Tel: 01481 731 987
Fax: 01481 720 018


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