Offer declared unconditional

RNS Number:2694F
Panther Securities PLC
18 December 2002


                                                           For immediate release
                                                             18th December, 2002



   Recommended Offer by John East & Partners Limited ("John East & Partners")

             on behalf of Panther Securities P.L.C. ("Panther") for

                      Eurocity Properties plc ("Eurocity")


            Further re: Offer declared unconditional in all respects


On 8th November, 2002, the boards of Panther and Eurocity announced the terms of
a recommended offer to be made by Panther for the whole of the issued ordinary
share capital of Eurocity not already owned by Panther.

As at 3.00pm on 17th December 2002, Panther had received valid acceptances of
the Offer in respect of 3,044,903 Eurocity Shares, representing approximately
52.26 per cent. of the issued share capital of Eurocity (of which holders of
494,050 Eurocity Shares had elected for the Share Alternative).

In addition, Panther holds 1,687,563 Eurocity Shares, representing 28.97 per
cent. of the issued share capital of Eurocity.

Following settlement of the consideration to which any shareholder is entitled
pursuant to valid acceptances received to date, Panther will hold 4,732,466
Eurocity shares, representing 81.23 per cent. of the issued share capital of
Eurocity.

The Cash Offer, as set out in the Offer Document dated 26th November, 2002, will
remain open for acceptances until further notice.

As announced on 11th December, 2002, the Share Alternative will remain available
until 3.00pm on 25th December, 2002 at which time it will cease.  Eurocity
Shareholders who still wish to accept the Share Alternative should despatch
their completed Forms of Acceptance as soon as possible and in good time as
elections for the Share Alternative received after this time and date will not
be accepted.

Application will be made for the new Panther Shares to be issued in respect of
valid acceptances, electing for the Share Alternative, received by 3.00pm on
25th December, 2002 to be admitted to the Official List and to trading on the
London Stock Exchange which is expected to commence on 2nd January, 2003.  For
those Eurocity Shareholders who do not hold their Eurocity Shares in the CREST
settlement system definitive share certificates are expected to be despatched by
first class post on 2nd January, 2003.

The cash consideration due in respect of valid acceptances received by 3.00p.m
on 10th December, 2002 will be posted to shareholders by 24th December, 2002.
The cash consideration due in respect of valid acceptances received after that
date will be posted to Shareholders by the later of 31st December, 2002 and 14
days after the date of receipt of an acceptance complete in all respects.

Terms defined in the Offer Document, dated 26th November 2002, have the same
meaning in this announcement save where the context requires otherwise.


Enquiries

John East & Partners Limited
David Worlidge / Simon Clements                              Tel:  [phone]

Nabarro Wells & Co. Limited
Keith Smith/Robert Lo                                        Tel:  [phone]



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