PAQ Paq Intl

RNS Number:1748C
Hichens Harrison & Co PLC
20 August 2004

The related company information of the 'Offer Update' announcement released 
today at 11.29am under RNS No 1697C is unrelated to Prop Acq & Mang Sec.  

The announcement should be linked to Prop Acq & Mang Ld. 

The announcement text is unchanged and is reproduced in full below. 




                                  Press Release

                             Recommended Cash Offer

                                       By

                           Hichens Harrison & Co. plc

                                  on behalf of

              Armorth House Limited, a wholly owned subsidiary of
                     Channel Hotels and Proeprties Limited

                                      For

                  Property Acquisition and Management Limited


Armworth House Limited's recommended cash Offer for Property and Acquisition
Management Limited is now unconditional in all respects and will remain open for
acceptances until 17th September 2004.

As of the 19th August Armworth House Limited has received acceptances for 32,060
ordinary shares and 15,233 preference redeemable convertible preference shares
which represents 0.072% of the overall share capital of Property and Acquisition
Management Limited.

At the time of the Offer being made Armworth House Limited held 24,620,507
ordinary shares and 3,295,304 convertible redeemable preference shares
representing   42.74% of the overall share capital of Property and Acquistion
Management Limited.

Following the purchase in the market of 3,344,758 ordinary shares and 1,358,781
convertible  redeemable preference shares during the Offer period Armworth House
increased its holding in Property and Acquisition Management Limited by a
further 7.2%.

The aggregate of these holdings takes Armworth House Limited's overall holding
in the share capital of Property and Acquisition Management Limited to 50.016%
and the offer is therefore now unconditional.

If you have any queries regarding your acceptance of the Offer or require
further copies of the Form of Acceptance or the Offer Document, contact
Christian Dennis or Colin Thomas of Hichens Harrison & Co plc on 0207 588 5171



Enquiries:
Hichens Harrison & Co plc
Christian Dennis



Hichens, Harrison & Co plc is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Armworth House and is acting for
no one else in connection with the Offer and will not be responsible to anyone
other than Armworth House for providing the protections afforded to clients of
Hichens, Harrison & Co plc or for giving advice in relation to the Offer.



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

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