RNS Number:0868R
Property Acquisition & ManagementLd
20 October 2003


Property Acquisition and Management Limited (the "Company" or the "Group")

Trading update and dividend announcement

"The Chairman's statement in the interim report and accounts, dated 26 September
2003, noted the substantially improved performance of the Group and, in
particular, the 51 per cent. increase in the net assets per Ordinary Share from
73.43p to 111.33p.  The Board is pleased to report that trading in the second
half of 2003 continues to be very positive.  In particular, the Company is in
detailed negotiations to sell the 57 acres of land in Northumberland, zoned for
housing, at a sum likely to be in excess of the valuation included in the net
asset value as at 30 June 2003.  In accordance with normal quarterly practice,
the valuation of the Company's property portfolio as at 30 September 2003 is
currently being prepared by DTZ Debenham Tie Leung, and a further announcement
is expected imminently.


The Board is acutely aware that Ordinary Shareholders have received no income
from the Company since the interim dividend of 2p per share was paid on 27 June
2002 in respect of the year ended 31 December 2002, although capital was
returned to all classes of shareholder through the buyback of shares, for
cancellation, by the Group which took place in December 2002.


In light of the significantly improved prospects for the Company, the Board has
reviewed the Company's forecasts and concluded that it would be in the best
interests of Ordinary Shareholders to resume the payment of dividends.
Accordingly, the Board has today resolved to declare an interim dividend of 2p
per share.  At this time, the Board does not expect to declare any further
Ordinary Share dividends in respect of the year ending 31 December 2003.
However, the Board expects to declare Ordinary Share dividends in respect of the
year ending 31 December 2004 and thereafter.


The Group is currently operating with historically low levels of gearing
following the successful disposal of properties earlier in 2003.  These
facilities remain available to the Group should suitable opportunities arise.
The Board remains confident about the prospects for the Group and considers that
neither the current valuation of the Group's properties nor its prospects are
properly reflected in the price of the Ordinary Shares.


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



Dan de Belder
The Communications Group
Tel 44 020 7630 1411"






                      This information is provided by RNS
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