Paq Intl Share Discussion Threads

[soysoy] 13/7/2004 17:37

RNS Number:7738A
Collins Stewart Ld
13 July 2004

FORM 38.5 (SUMMARY)


Lodge with Company Announcements Office and the Panel. Use a separate form for
each class of securities in which dealings have been made.



CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Name of EMM: Collins Stewart Limited.....................................

Date of disclosure: 13th July 2004.....................................

Contact name: Damian Fernandez............................................

Telephone number: 020-7523-8327..........................................

Please see attached disclosure of dealings under Rule 38.5 in the securities
of the following companies:

Property Acquisition & Management..........

........................................................................

........................................................................

........................................................................

AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:

........................................................................

........................................................................

........................................................................

In the case of option business or dealings in derivatives full details should
be given on a separate sheet so that the nature of the dealings can be fully
understood. For options this include the number of securities under option,
the exercise period (or in the case of exercise, the exercise date),
the exercise price and any option money paid or received. For derivative
this should include, at least, the number of reference securities to which
they relate (when relevant), the maturity date (or if applicable the closing
out date) and the reference price.

For full details of the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129



FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in: Property Acquisition & Management..........(name of company)

Class of security: Convertible Redeemable Preference Shares GBP1............

Date of disclosure: 13th July 2004................................

Date of dealing: 12th July 2004...................................

Name of EMM: Collins Stewart Limited................................

Name of offeree/offeror with whom connected: Property Acquisition & Management



Total number of securities purchased: nil.......................

Highest price paid*: nil (Sterling)....................

Lowest price paid*: nil(Sterling).................

Total number of securities sold: 750........................

Highest price received*: 117p(Sterling)....................

Lowest price received*: 117p (Sterling)...........................

[rambutan2] 13/7/2004 13:24

dk is a busy man...

[soysoy] 12/7/2004 21:55

i think he has

[ntv] 11/7/2004 22:48

come on dk ,lets have a proper offer

[soysoy] 08/7/2004 21:14

well he not having mine for 91p i want over pound for mine

[ntv] 08/7/2004 18:51

bc paying 91p
its going to need a higher offer

[ntv] 08/7/2004 09:14

in due course they will release revised asset value and news to what will happen to cash
guess first years money will be used to help clear zero's
don't forget they have still got 16.5 acres up forsale ,obviously got a higher offer than persimmon's,could easily bring in £7.5m to £8m quite soon

[soysoy] 07/7/2004 21:25

so is there 3 companys 3assets??

[simonevans] 07/7/2004 20:53

Totally undervalued at anything less than 110p imo. However, looks a bit tough to defend, unless there is a higher offer (with funding lined-up) as they already have 43% and only need 50% to go unconditional and take private. I suspect that management were expecting this though and may have something up their sleeves (e.g. a white knight). Could get interesting.

[ntv] 07/7/2004 19:01

triple net assets were 115p a share
but thats before the land sales plus there is loads more to come so just come with a proper offer or go away
sustainable 4p divi per year plus the chance of a special divi's as land money bet dk like's that land bank
don't blame him really bit like green trying to buy on the cheap
he sold us out in npt (newport) last year
smaller share holders should have got more, shouldn't we dk!

[rambutan2] 07/7/2004 18:50

yes, it is.

[ntv] 07/7/2004 18:48

soysoy
cash offer is 90.5p
this way below asset value
presume armworth is a subsidary of dk's

[ntv] 07/7/2004 18:43

take a hike armworth if you don't come with a better offer iam going split my shares up and give one share to every charity listed ,that will add to your paper work

[soysoy] 07/7/2004 17:31

SO WHAT DOES THIS MEAN THAT THEY ARE PAY 95P A SHARE

[soysoy] 07/7/2004 17:30

LONDON (AFX) - Property Acquisition & Management Ltd said it is advising its
shareholders to take no action on the cash offer made for the group earlier
today at 90.5 pence per ordinary share by Armworth House Ltd.
Armworth is offering 115 pence for each PAM convertible redeemable
preference share.
Property Acquisition & Management (PAM) said the offers, which are
"unsolicited and unwelcome", undervalue the company and the board will make a
further announcement in due course.
"In the meantime you are strongly advised to take no action in relation to
your holdings in PAM and, specifically, to ignore any documents or announcements
which may be made or issued by, or on behalf of Armworth."
Armworth House today purchased 5,783,960 ordinary shares in PAM at 90.5
pence each, increasing its stake to 44.29 pct of PAM's ordinary shares. It also
acquired 2,469,264 PAM convertible redeemable preference shares at 115 pence
each, which increased Armworth's holding of convertible shares in PAM to 32.69
pct.
Armworth as a result holds approximately 42.86 pct of the Voting Rights
attributable to the share capital of PAM.
[e-mail]

[rambutan2] 07/7/2004 14:28

as far as i can see there has been no rns made yet and thus no offer price set. 90.5p is what they paid today.

LONDON (AFX) - Armworth House Ltd said it bought 5.78 mln shares in Property Acquisition and Management Ltd for 90.5 pence each, increasing its holding of ordinary shares in PAM to 44.29 pct.

[integer] 07/7/2004 13:50

90.5 offer being made ....



As its significantly below NAV, it'll be interesting to hear what the Board says. Thoughts?

[rambutan2] 07/7/2004 12:54

big trades today.

[ntv] 01/7/2004 21:05

soysoy
you could well be right

[ntv] 30/6/2004 21:44

creeping up again
fairly big chunk went through mkt today

[rambutan2] 25/6/2004 11:50

lots and lots of hidden value in this one.

[ntv] 24/6/2004 19:41

this is nice and with the land sold to a national housebuilder
RNS Number:0960A
Property Acquisition & ManagementLd
24 June 2004




Further to the update contained in the recent report and accounts, the Company
is pleased to announce that contracts have now been exchanged with Persimmon
Homes for the sale of approximately 43.5 acres of land at Ashington,
Northumberland. The total consideration of approximately #20 million is in line
with expectations and the land is being sold in three tranches over the next
three years. The Company has held back the release of approximately a further
16 acres on which residential planning has already been granted

[soysoy] 17/6/2004 20:37

RNS Number:8920Z
Property Acquisition & ManagementLd
17 June 2004

Property Acquisition & Management Limited (the "Company")
Ordinary Shares of 10 pence each

A copy of the circular to shareholders dated 11 June 2004 in relation to the
Company's scrip dividend in lieu of the cash dividend in respect of the interim
dividend for the year ending 31 December 2004 is available for inspection at the
UK Listing Authority's Document Viewing Facility, which is situated at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Tel no. 020 7066 1000

[soysoy] 10/6/2004 17:34

some very large trades today