PAQ Paq Intl

RNS Number:9165A
BC Asset Management Ld
16 July 2004

                                  Date of Disclosure    16TH JULY 2004

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing     15TH JULY 2004

Dealing in          PROPERTY ACQUISITION & MANAGEMENT LIMITED  (name of company)

1)  Class of securities (eg ordinary shares)      ORDINARY SHARES

2)  Amount bought      Amount sold      Price per unit

      150,489                                 86P

    SHARES ACQUIRED AS A RESULT OF THE SCRIP DIVIDEND ISSUE ON 15TH JULY 2004

3)  Resultant total of the same class owned or controlled 
    (and percentage of class)       8,871,556   (15.96%)


4) Party making disclosure          BC ASSET MANAGEMENT LTD


5)  EITHER (a) Name of purchaser/vendor (Note 1)   PROPERTY INCOME & GROWTH FUND
                                                   LTD AND YEOMAN INVESTMENT
                                                   TRUST PLC
 
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                       NO
                    (ii) offeree company                        NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)  YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)           MICHAEL J YEO

Telephone and extension number           01202 305906


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

Note 7.  The resultant total percentage holding of the class of relevant
         security is to be calculated by reference to the percentage held and 
         in issue outside treasury.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Monitoring Section, Tel. No:
020 7638 0129. Email: monitoring@disclosure.org.uk

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

END
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