PAQ Paq Intl

RNS Number:6108A
Property Acquisition & ManagementLd
07 July 2004



Property Acquisition and Management Limited

Response to Cash Offers





The Board of Property Acquisition and Management Limited ("PAM" or "the Company
") has noted the announcement made earlier today by Hichens, Harrison & Co. plc
on behalf of Armworth House Limited ("Armworth"), which contains cash offers of
90.5p for each PAM ordinary share and 115p for each PAM convertible redeemable
preference share.



The offers, which are unsolicited and unwelcome, undervalue the Company and your
Board will make a further announcement in due course.  In the meantime you are
strongly advised to take no action in relation to your holdings in PAM and,
specifically, to ignore any documents or announcements which may be made or
issued by, or on behalf of Armworth.



Enquiries:

Andrew Duquemin               PAM                            Tel. 01481 731 942
Peter Ward                    Insinger de Beaufort           Tel. 020 7377 6161





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



Insinger de Beaufort, which is authorised and regulated in the United Kingdom by
the Financial Services Authority in respect of regulated activities, is acting
exclusively for PAM and for no one else in connection with the Offer and will
not be responsible to anyone other than PAM for providing the protections
afforded to customers of PAM nor for providing advice to any other person in
relation to the Offer, nor any other matter referred to in this announcement.

                                     -ends-


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

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