RNS Number:3986C
Property Acquisition & ManagementLd
20 April 2001

Property Acquisition and Management Limited

As explained in the Prospectus dated 22 May 2000, the transfer of the
management and administrative employees of the CNC Group into Collins Stewart
Property Fund Management Limited, as contemplated in that Prospectus, has been
completed with effect from 19 April 2001.



20 April 2001
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