Approach by Potential Offeror

RNS Number:2726K
Property Income & Growth Fund Ld
23 April 2003


Property Income & Growth Fund Limited (the "Company")

BC Property Securities Limited (the "Subsidiary")

The directors (the "Board" or "Directors") of Property Income & Growth Fund
Limited and BC Property Securities Limited (together the "Group") announce that
they have received an unsolicited approach from a third party (which has not
previously approached the Group) and which may or may not lead to offers being
made for the ordinary shares of the Company and the zero dividend preference
("ZDP") shares of the Subsidiary. This approach is at a preliminary stage and
the potential offeror and its advisers are still considering certain due
diligence information. The initially indicated offer terms provide, inter alia,
for an interconditional offer for both classes of shares. The Board believes
that certain of those terms and, in particular the consideration for the ZDP
shares, would be inadequate to secure the recommendation from the Board which
the potential offeror has advised that it is seeking.

The Directors await any clarification or revision of the approach and a further
announcement will be made in due course. It is emphasised, however, that the
potential offeror may choose not to make formal offers or that any offers which
may be made may not be capable of recommendation by the Board.

Meanwhile, the Extraordinary General Meeting of the Company to approve the
amendments to the Company's articles of association to enable, inter alia, the
existing offer from Land Race Limited ("Land Race") to proceed and the Class
Meeting of ZDP shareholders of the Subsidiary to approve the proposals by the
Subsidiary to purchase ZDP shares, to reduce its share premium account and to
approve the amendments to the Company's articles of association to be held at
Trafalgar Court, Admiral Park, St. Peter Port, Guernsey GY1 2JA at 10.00 am and
10.10 am respectively on 24 April 2003, will proceed as planned at which
shareholders may attend and vote. The resolutions to be approved at those
meetings will enable the Group to take certain corporate actions for the benefit
of shareholders whether or not any offer for one or both classes of shares is
successful.

At present the Land Race offer is the only formal offer which has been received
by the Company and it continues to be recommended by the Board. That offer
remains subject to certain conditions including a minimum acceptance level.
However, there is no obligation for Land Race to extend its offer beyond 3.00
p.m. on 24 April 2003 should the acceptance condition not have been satisfied by
that time.

Enquiries:

Bob Cowdell/Hugh Field                                             020 7678 8000

Hoare Govett Limited

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

Hoare Govett Limited, which is regulated in the United Kingdom by The Financial
Services Authority, is acting exclusively for the Group and for no-one else in
connection with the unsolicited approach and will not be responsible to anyone
other than the Group for providing the protections afforded to customers of
Hoare Govett Limited or for providing advice in relation to the unsolicited
approach.


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