Cancellation of Listing

RNS Number:8198C
Hichens Harrison & Co PLC
10 September 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.


Press Announcement                                           10th September 2004


                    Recommended Mandatory Cash Offers ("Offers")
                         by Hichens, Harrison & Co. plc
                                  on behalf of
                      Armworth House Limited ("Armworth")
      (a wholly owned subsidiary of Channel Hotels and Properties Limited)
     for all of the issued and to be issued ordinary shares and convertible
                        redeemable preference shares in
               Property Acquisition and Management Limited ("PAM")
                         not already owned by Armworth



INTENTION TO CANCEL LISTINGS

Following the Offers which having gone unconditional on 20th August 2004,
Armworth announces that it intends to cancel the listing of both the ordinary
and preference shares in PAM from trading on both the London Stock Exchange and
the Official List of the UKLA and from the Channel Islands Stock Exchange in
twenty business days, on Friday 8 October 2004.



Enquiries:

Hichens, Harrison & Co. plc      Christian Dennis       Tel: [phone]
                                 Daniel Briggs          Tel: [phone]

Armworth                         David Kirch            Tel: [phone]




Defined terms used in this announcement shall have the same meaning as is
attributed to them in the Offer Document and the Forms of Acceptance.

Hichens Harrison, which is authorised and regulated by the Financial Services
Authority in the United Kingdom, is acting for Armworth, CHP and no-one else in
connection with the Offers and will not be responsible to anyone other than
Armworth and CHP for providing the protections afforded to customers of Hichens
Harrison nor for providing advice in relation to the Offers or any other matters
referred to herein.



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

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