PAQ Paq Intl

RNS Number:6529C
Property Acquisition & ManagementLd
06 September 2004

"Dear Shareholder,

The Board of Armworth announced on Friday 3 September 2004 that its Offers for
the Ordinary Shares and Preference Shares of the Company will close on 17
September 2004.  If Shareholders wish to accept the Offers they should return
their forms of acceptance as soon as possible in accordance with the
instructions contained in the Offer Document dated 13 August 2004 and the
attendant forms of acceptance.

Shareholders should be aware that if they do not accept the Offers by 17
September 2004 there is no provision under Guernsey law nor any term of the
Offers that would require the Offeror to buy their shares.  Shareholders should
also be aware that the Ordinary Shares and Preference Shares will be delisted
from the official lists of the UKLA and Channel Islands Stock Exchange and
trading on the London Stock Exchange and Channel Islands Stock Exchange shortly.
Accordingly, Shareholders may not be able to sell their Ordinary Shares and
Preference Shares once the Offers have closed.

In light of the above and for the reasons stated in the Offer Document, the
Directors recommend that Ordinary Shareholders and Preference Shareholders
accept the Offers as soon as possible."

The Directors of PAM accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the Directors of PAM
(who have taken all reasonable care to ensure that such is the case), such
information is in accordance with the facts and does not omit anything likely to
affect the import of such information.

Insinger de Beaufort, which is regulated by the Financial Services Authority in
the United Kingdom, is acting as financial adviser to PAM and no one else in
connection with the Offers and will not be responsible to anyone other than PAM
for providing the protections afforded to clients of PAM nor for providing
advice in relation to the Offers.


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

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