ORE Orogen

RNS No 0427m
GANDER PROPERTIES PLC
24 September 1999

 Proposed acquisition of Gander Properties PLC ("Gander") by Orb Acquisitions 
    Limited, a subsidiary of Orb Estates PLC ("Orb"), by way of scheme of     
      arrangement pursuant to section 425 Companies Act 1985 ("Scheme")       


The directors of Gander Properties PLC and Orb Estates PLC are pleased to
announce that, further to their announcement of 11 August 1999 and the
announcement by Gander of 17 September 1999:

    the documentation in relation to the Scheme has today been posted to
    shareholders of Gander;

    listing particulars of Orb relating to the issue of 545,125,308
    Convertible Loan Notes have to day been posted to shareholders of Orb and,
    for information only, to shareholders of Gander.

The Court meeting and extraordinary general meeting of Gander for Gander
shareholders to approve the Scheme will be held on 19 October 1999 at the
offices of Stringer Saul, 17 Hanover Square, London W1R 9AJ.

An extraordinary general meeting of Orb for Orb shareholders to approve the
proposed acquisition of Gander will be held on 26 October 1999 at the offices
of Fladgate Fielder, 25 North Row, London W1R 1DJ.

It is anticipated that, subject to the approval of the Court and shareholders
of Gander and Orb, the Scheme will become effective on 9 November 1999 and
dealings in the Convertible Loan Notes of Orb will commence on 15 November
1999.

Copies of the documentation relating to the Scheme and listing particulars of
Orb will be available from the offices of Fladgate Fielder, 25 North Row,
London W1R 1DJ during normal office hours, Saturdays, Sundays and Bank
holidays excepted until 15 November 1999.

END

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