RNS Number:7764Q
Property Acquisition & ManagementLd
10 October 2003


Property Acquisition and Management Limited

"The Board notes the article on Citywire dated 9 October 2003 in which it was
stated that David Kirch, the controlling shareholder of Channel Hotels and
Properties Limited, indicated that he was preparing an offer for the Company's
Ordinary Shares at no more than 55p per share. The Board confirms that whilst it
has been approached by Mr Kirch regarding a possible offer, it is not in formal
talks with him regarding any such offer.  No details were provided in the
article in respect of any appropriate offer for the Convertible Redeemable
Preference Shares, which are currently trading at a mid-market price of 93.5p.
Ordinary Shareholders should note that in the announcement of the Company's
interim results for the 6 months to 30 June 2003, the net asset value per
Ordinary Share was 111.33p on a proforma basis and 108.26p on a statutory basis.
The Board is clarifying the position with Mr Kirch and at this time advises
all shareholders to take no action.


Responsibility


The Directors of Property Acquisition and Management Limited accept
responsibility for the information contained in this announcement.  To the best
of the knowledge and belief of the Directors (who have taken all reasonable care
to ensure that such is the case), the information contained in this announcement
is in accordance with the facts and does not omit anything likely to affect the
import of such information.


Enquiries


Andrew Duquemin

Collins Stewart Fund Management Limited

Tel 44 1481 731987"



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