RNS Number:9001N
Property Acquisition & ManagementLd
23 July 2003

PROPERTY ACQUISITION AND MANAGEMENT ("PAM")

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



At the class meeting of the zero dividend preference shareholders of PAM
Securities adjourned from 16 July to earlier today, 23 July 2003, the following
resolutions were passed, as set out in the Notices dated 4 June 2003 included in
the Report and Accounts:-



 1. To authorise PAM to make market purchases 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.



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