RNS Number:8665L
Ptarmigan Int. Capital Trust PLC
03 June 2003



PTARMIGAN INTERNATIONAL CAPITAL TRUST PLC

Adam & Company Investment Management Limited, the managers of Ptarmigan
International Capital Trust (PICT) announce that the unaudited Net Asset Value
of PICT ordinary shares as at 30th May 2003 was 298.78p. This assumes conversion
of the Convertible Bonds and does not include any income retention for the year
to-date.






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