RNS Number:2620R
Oakburn Properties PLC
23 October 2003

23 October 2003



                                 Oakburn Properties PLC


   Offer by John East & Partners Limited on behalf of Panther Securities PLC


The Board of Oakburn Properties PLC ("Oakburn" or the "Company") announces that,
at the Annual General Meeting of the Company held on 20 October 2003, all of the
resolutions were passed.  These included resolutions that authorised the
extension of the option agreements dated 25 September 1998 (the " Blausten
Option Agreements") between the Company and each of Douglas and Simon Blausten
by amending the definition of "Expiry Date" in each Blausten Option Agreement to
22 January 2004.  In addition, the resolutions at the Annual General Meeting
extended the waiver of the requirement to make a general offer for the issued
share capital of the Company pursuant to Rule 9 of the City Code on Takeovers
and Mergers (the "Code") for a similar period.



On 21 October 2003, the Company received written notice from each of Douglas and
Simon Blausten that they now wished to exercise all of the 48,0000 options held
by each of them under the Blausten Option Agreements.  The Company must, as soon
as reasonably practicable, send to the optionholders a notice of confirmation.
The optionholders have 30 days from the receipt of the notice of confirmation in
which to pay for the option shares.  The Company must issue the shares to the
optionholders within 30 days of receipt of the funds.



The option agreement dated 25 September 1998 between the Company and Peter
Martin granting options over 48,000 new ordinary shares lapsed on 22 October
2003.  The lapsing of these options has an impact upon the value of the offer by
Panther Securities PLC announced on 17 October 2003 (the "Offer").  Under the
terms of this Offer, the Board of Oakburn believes that the amount being offered
per share would rise from 560p to 576.66p per Oakburn share.



Pursuant to Rule 2.10 of the Code, the relevant securities currently in issue in
Oakburn are as follows:



845,968 ordinary shares of #1 each; and

96,000 options to acquire new ordinary shares.



Assuming the issue of shares to Douglas and Simon Blausten as described above,
the relevant number of securities in issue in Oakburn would increase to 941,968
ordinary shares of #1 each.



Enquiries:

Oakburn Properties PLC     David Rayner, Chairman             020 7831 3125
                           Brendan Gorman, Company Secretary


City Financial Associates Limited  Tony Rawlinson             020 7090 7801



The Independent Directors of Oakburn Properties PLC (the "Independent
Directors") accept responsibility for the information contained in this
announcement and have confirmed that the information contained in this
announcement is in accordance with the facts (having taken all reasonable care
to ensure that such is the case) and does not omit anything likely to affect the
import of such information.



City Financial Associates Limited, which is regulated in the United Kingdom by
The Financial Services Authority, is acting as the independent financial adviser
to the Independent Directors and Oakburn Properties PLC and to no one else and
will not be responsible to anyone other than the Independent Directors and
Oakburn Properties PLC for providing the protections afforded to clients of City
Financial Associates Limited or for providing advice in relation to the matters
contained in this letter. If you are in any doubt about the contents of this
letter or about what action you should take you should immediately seek your own
personal advice from an independent financial adviser authorised under the
Financial Services and Markets Act 2000 who specialises in advising on the
acquisition of shares and other securities.










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