PAQ Paq Intl

RNS Number:6032B
Hichens Harrison & Co PLC
04 August 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN



Press Announcement



                   Recommended Mandatory Cash Offers ("Offers")
                         by Hichens, Harrison & Co. plc
                                  on behalf of
                      Armworth House Limited ("Armworth")
      (a wholly owned subsidiary of Channel Hotels and Properties Limited)
   for all of the issued and to be issued ordinary and convertible redeemable
                             preference shares in
                Property Acquisition & Management Limited ("PAM")
                         not already owned by Armworth


                             Extension of Posting Date



Further to the announcement made on 7 July 2004 the offer document in respect of
the Offers would ordinarily be required to be posted by no later than today.
With the consent of the Panel on Takeovers & Mergers and the Board of PAM, the
offer document in respect of the recommended cash offers of 101 pence per
ordinary share (together with a conditional special dividend of 4 pence per
ordinary share to be declared by the Board of PAM) and 115 pence per Preference
share announced on 23 July 2004 will be posted to PAM shareholders on or around
16 August 2004.



Enquiries:


Daniel Briggs             Hichens, Harrison & Co. plc         020 7382 7776
Peter Ward                Insinger De Beaufort                020 7377 6161



Hichens Harrison, which is regulated and authorised and regulated by the
Financial Services Authority in the United Kingdom, is acting for Armworth and
no-one else in connection with the Ordinary Offer and will not be responsible to
anyone other than Armworth for providing the protections afforded to customers
of Hichens Harrison nor for providing advice in relation to the Ordinary Offer
or any other matters referred to herein.


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

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