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Thursday 22 July, 2004

Prop Acq & Mang Ld

Update on Offers

Property Acquisition & ManagementLd
22 July 2004


Following the announcement of 7 July 2004 of the Offers (the 'Offers') by
Armworth House Limited ('Armworth') to acquire the issued ordinary and
convertible redeemable preference shares of Property Acquisition and Management
Limited, ('PAM'), the Board of PAM announces that discussions remain ongoing
with the Board of Armworth which may result in an improvement in the terms of
the Offers. A further announcement will be made as soon as possible.



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