Share Buyback offer
	This webpage contains the text of the RNS news announcement on 13th. March 2001 of the mid price buyback offer for common shares of 50p in PPT. My comments appear in the next row of the table. I was a small shareholder in this company. I was able to sell in the market at a premium, even allowing for costs. Share price, graph and City Desk data see PPT home page

RNS Number: 3209A	Property Trust(PVT)Holdings Ld 13 March 2001
	The Directors announce that they have put in place a facility to enable shareholders to sell their holdings at a price of 31.5p per share, (the "Offer Price"), being the mid-market price as at the close of business on 9th March 2001, without incurring any dealing costs. My comments on this offer appear below. Colour indicates the reference points. The facility will operate as follows: PTHL will offer, as agent for Codan Trust Company Limited, a Bermudan based licenced trust company, to purchase Common Shares in the Company. The Offer will close at 3.00pm on 13th April 2001, or such later date as the Board may decide, which in any event shall not be later than 13th June 2001; Any Common Shares acquired by Codan under the terms of the Offer will be held by Codan for a period of up to four months from the closing date of the Offer. If, prior to the expiry of this period a purchaser or purchasers agree to buy the shares acquired by Codan at a price of not less than the Offer Price plus the associated costs of the Offer, then Codan may sell the shares to such persons at that price. In the event that Codan is not able to identify purchasers for such shares within this period, the shares will be acquired from Codan by PTHL and cancelled. This paragraph in effect supports the share price. Mr. A. K. C. Cheng, the Chairman of PTHL is beneficially interested in 17,881,300 Common Shares in the Company, representing approximately 74.73 per cent of the issued share capital. If the shares referred to above are acquired by PTHL for cancellation, the Company is likely to be in breach of its obligation under "The Listing Rules" of the UK Listing Authority to ensure that a minimum of 25 per cent of the issued share capital of the Company should be in public hands. If this situation arises, the Directors propose to seek a delisting of the Company's Common Shares on the London Stock Exchange. This effectively suggests a move to AIM is in the Board's mind already. It is their present intention, in that event, to seek admission to dealings of the Company's Common Shares on the Alternative Investment Market of the London Stock Exchange.   A circular giving further details of the facility is today being posted to shareholders.
	The document states that the shares taken up by "Codan" are available for other investors to buy for up to four months after the closing date of the offer which could be as late as 13th June, rather than 13th April, which is a date fixed to allow the takeup rate to be assessed. I have not seen the actual circular, as my shares are in a nominee account, but it seems to me that there are two main reasons for this move. 1, To reduce the overall number of shareholders (with very small holdings as a result of consolidation etc) and thus reduce everheads. 2. To precipitate a move to the AIM market instead of the main one. This, in effect will put PPT in a similar position to that when many small investors took up their initial holdings and the other "offers" made at that time. The actual effect seems to be that the company is to be TOTALLY DELISTED, Thanks a lot fellow ex shareholders! At least I DID get over 31.5p though!
AFX News 09/04/01	As at the close of business on Friday 6th April 2001, a total of 958,642 Common Shares in the Company (representing 4 per cent of the issued share capital) had been tendered at a price of 31.5p per share under the facility announced on 13th March 2001. The Directors have resolved that the facility will be extended until 3.00 pm on Friday 11th May 2001.
AFX News 30/04/01	The Company was notified on 27th April 2001 that, as a result of the facility arranged by the Company to enable shareholders to sell their shareholdings without incurring dealing costs, Codan Trust Company Limited now holds 2,336,277 Common Shares of 50p in the capital of the Company, representing 9.76 per cent of the issued share capital. The facility will cease at 3.00pm on 11th May 2001.
RNS Number:5689D Property Trust(PVT) Holdings Ld 14 May 2001	The Company was notified on 11th May 2001 that, up to that date, 1859 shareholders have sold to Codan Trust Company Limited a total of 4,292,707 Common Shares of 50p each, representing 17.94% of the issued share capital of the Company, under the terms of the facility arranged by the Company to enable shareholders to sell their shareholdings without incurring dealing costs. As a result of the large number of shareholders (mugs) availing themselves of the facility, the Directors (Fat cats) have decided to extend the facility until further notice. Offering 30% of the true value (Investors Chronicle) Interestingly the share price is now some 7p above the buyback price!

This page set up 17th. March 2001 End Edit August 3rd. 2001

Property Trust(PVT) - Delisting RNS Number:4514I Property Trust(PVT)Holdings Ld 14 August 2001

(AFR) 14/08/01 09:28: Property Trust(PVT) - Delisting   PRESS RELEASE Date: 14 August 2001 Property Trust (Pvt) Holdings Limited ("PTHL") Extension of facility for shareholders to sell their shareholdings Delisting from the Official List of the UK Listing Authority and trading on the London Stock Exchange On 13 March 2001 the Directors announced that they had put in place a facility to enable shareholders to sell their shareholdings at a price of 31.5p per share, being the mid-market price as at the close of business at the latest practicable date prior to the making of the announcement. As at the closing date of the facility, a total of 958,642 Common Shares representing 4 per cent. of the issued share capital had been tendered and the Directors announced that the facility had been extended. As at the revised closing date, a total of 4,292,707 Common Shares representing 17.94 per cent of the issued share capital had been tendered and, in view of the large number of shareholders availing themselves of the facility, the Directors decided to extend the facility until further notice. In the Circular to shareholders of 13 March which set out the details of the facility, it was stated that Mr A K C Cheng, Chairman of PTHL, is beneficially interested in 17,881,300 Common Shares, representing approximately 74.73 per cent of the issued share capital. After taking account of the large number of shares tendered under the facility, less than 9 per cent of the issued share capital is now in public hands and the Company is now in breach of its obligation under "The Listing Rules" of the UK Listing Authority to ensure that a minimum of 25 per cent. of the issued share capital should be in public hands. The Directors stated in the Circular that, if this situation arose, they would propose to seek the cancellation of the listing of the Company's Common Shares by the UK Listing Authority as well as trading of the shares on the London Stock Exchange and that, in that event, it was their present intention to seek admission to dealing of the company's Common Shares on the Alternative Investment Market of the London Stock Exchange. However, since there is now less than 9 per cent. of the issued share capital in public hands the Directors believe that the lack of liquidity in the Company's shares will make it inappropriate for the shares to be traded on the Alternative Investment Market and now propose, instead, to extend the facility until further notice after the Company's shares have been delisted. PTHL has requested the UK Listing Authority to cancel the listing of the Company's Common Shares and is, today, sending a letter to shareholders giving them notice of the Company's intention to delist. Such delisting will be effective on 13 September 2001, being 20 clear business days from the date of this announcement. If at some future date it is decided to cease the facility, Shareholders will be given at least 30 days notice of the cessation taking effect.

And So ends the Sorry Saga!