PAQ Paq Intl

RNS Number:5907A
Hichens Harrison & Co PLC
07 July 2004

                          Hichens, Harrison & Co. plc
                                Bell Court House
                              11 Blomfield Street
                                     London
                                    EC2M 1LB

                           Telephone - 020 7588 5171
                              Fax - 020 7628 9481

   Regulated and Authorised by the FSA. Members of the London Stock Exchange.


7 July 2004

                               PRESS ANNOUNCEMENT

                               RULE 9 (City Code)
                         CASH OFFERS OF 90.5p FOR EACH
  PROPERTY ACQUISITION AND MANAGEMENT LIMITED ORDINARY SHARE AND 115P FOR EACH
                    CONVERTIBLE REDEEMABLE PREFERENCE SHARE



Introduction

Armworth House Limited ("Armworth") has today purchased 5,783,960 Property
Acquisition and Management Limited ("PAM") 10p Ordinary Shares at a price of
90.5p per Share which increased Armworth's holding of Ordinary Shares in PAM to
44.29 per cent and 2,469,264 PAM #1.00 Convertible Redeemable Preference Shares
("Convertible Shares") at a price of 115p per share which increased Armworth's
holding of Convertible Shares in PAM to 32.69 per cent.

Armworth as a result holds approximately 42.86 per cent of the Voting Rights
attributable to the share capital of PAM.

The Offers

The Ordinary Offer

The Ordinary Offer is being made on the following basis:

For each PAM Ordinary Share 90.5p in cash.

The Convertible Offer

The Convertible Offer is being made on the following basis:

For every PAM Convertible Share 115p in cash.

ZDP Shares

No offer is being made by Armworth for the ZDP Shares.  Armworth is not required
to make an offer for these shares as they are treated by the Code as being
non-equity share capital.



Cancellation of Listing

If the Offers become or are declared unconditional in all respects, it is
Armworth's intention to seek a cancellation of PAM's listing and admission to
trading on the London Stock Exchange and redesignate PAM as a private limited
company.  If successful this would significantly reduce the liquidity and
marketability of any Ordinary Shares/or Convertible Shares not acquired pursuant
to the Offers.



Conditions of the Cash Offer



1.   Armworth (or parties acting in concert with it) acquiring Ordinary Shares 
     and Convertible Shares carrying in aggregate more than 50% of the votes 
     normally exercisable at general meetings of PAM.

2.   No indication of a referral by the Office of Fair Trading.



Financing Arrangements

Hichens is satisfied that Armworth has the necessary financial resources to
implement the Offers in full.

Armworth's Offer, together with details of the procedure for acceptance will be
sent to Shareholders as soon as practical

Sources:  The percentages of issued share capital have been calculated on the
basis of information obtained from Capita Registrars.


Enquiries:

Christian Dennis/Daniel Briggs
Hichens, Harrison & Co. plc
Tel:       020 7588 5171
END




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