Offer Update

RNS Number:8734D
Teesland Plc
08 October 2004

For immediate release 8 October 2004


   Not for release, publication or distribution in or into the United States,
                          Canada, Australia, or Japan
                               
                                RECOMMENDED OFFER

                                       By

                         British Linen Advisers LIMITED

                                  On behalf of

                                  Teesland Plc

                                      For

                          Property Fund Management Plc

                 OFFER DECLARED UNCONDITIONAL AS TO ACCEPTANCES

Further to the announcement, on 24 September 2004, by Teesland of its offer for
all of the issued and to be issued share capital of Property Fund Management 
plc not already owned by Teesland, the board of Teesland announces that by 3.00
p.m. on 7 October 2004, valid acceptances of the Offer had been received in 
respect of 10,086,217 PFM Shares, representing 45.6 per cent. of the issued 
share capital of PFM. The Offer has, therefore, become unconditional as to
acceptances.

The Offer remains conditional, inter alia, on approval by Teesland Shareholders.
An extraordinary general meeting of Teesland is to be held at 11.30 a.m. on 20
October 2004 for this purpose.

Prior to 19 August 2004 (the date of the commencement of the Offer Period)
Teesland held 3,305,537 PFM Shares, representing 14.9 per cent. of the issued
share capital of PFM.

As set out in the Offer Document dated 4 October 2004, Teesland has received
irrevocable undertakings to accept or procure the acceptance of the Offer from
the PFM Directors and certain other PFM Shareholders in respect of holdings
totalling 10,086,217 PFM Shares, representing approximately 45.6 per cent. of
the existing issued share capital of PFM. Acceptances under the Offer have been
received in respect of these undertakings and have been included in the total
above.

In total, Teesland now owns, has received valid acceptances in respect of, or
has irrevocable undertakings to accept the Offer in respect of 13,391,754 PFM
Shares, representing in aggregate approximately 60.5 per cent. of the existing
issued share capital of PFM.

Save as disclosed above, neither Teesland nor any persons acting or deemed to 
be acting in concert with it owned any PFM Shares or rights in respect thereof
prior to 19 August 2004 (the date of the commencement of the Offer Period) and,
other than as disclosed above, neither Teesland nor any persons acting or 
deemed to be acting in concert with it has acquired or agreed to acquire any 
PFM Shares or rights over such shares since that date.

The Offer will remain open for acceptance by PFM Shareholders until 3.00 p.m. 
on 25 October 2004 (unless KBC Peel Hunt and Teesland agree to extend it). PFM
Shareholders who hold their shares in certificated form and who have not yet
accepted the Offer are urged to complete and return their Forms of Acceptance 
to Capita IRG, Corporate Actions, PO Box 166, The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TH, as soon as possible. Holders of PFM Shares in
uncertificated form may only accept the Offer in respect of such shares by TTE
Instruction in accordance with the procedure set out in paragraph 15 (b) of 
Part II of the Offer Document. If you are a CREST sponsored member you should 
refer to your CREST sponsor before taking any action. PFM Shareholders who are 
in any doubt as to the procedure for acceptance or who require assistance with 
filling in the Form of Acceptance should call Capita IRG on 0870 162 3000.

The definitions contained in the Offer Document sent to PFM Shareholders on 4
October 2004 apply for the purposes of this document.

Enquiries:
Teesland Plc                                      020 7659 4709
Mickola Wilson

British Linen Advisers Limited                    020 7710 8800
Richard MacDowel

The Offer is not being made, directly or indirectly, in or into, or by use of
e-mails of, or by any means or instrumentality (including, without limitation,
facsimile transmission, telex, telephone or e-mail) of interstate or foreign
commerce of, or any facilities of a national securities exchange of the United
States, Canada, Australia or Japan or any other jurisdiction if to do so would
constitute the violation of the relevant laws of such jurisdiction, and cannot
be accepted by any such use, means or instrumentality or facility from or 
within the United States, Canada, Australia or Japan. Accordingly, copies of 
the Offer Document, the Form of Acceptance and any related documents are not 
being mailed and should not be forwarded, distributed or sent in, into or from 
the United States, Canada, Australia or Japan or any other jurisdictions where 
to do so would violate the laws in that jurisdiction. All persons (including, 
without limitation, nominees, trustees or custodians) who receive such documents
must not distribute or send them in, into or from United States, Canada, 
Australia, Japan or any other jurisdiction where to do so would violate the 
laws in that jurisdiction, as doing so may render invalid any purported 
acceptance of the Offer.

British Linen Advisers, which is authorised and regulated in the United Kingdom
by the Financial Services Authority Limited, is acting exclusively for Teesland
and no one else in connection with the Offer and will not be responsible to
anyone other than Teesland for providing the protections afforded to customers
of British Linen Advisers nor for providing advice in relation to the Offer.





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            The company news service from the London Stock Exchange

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