RNS Number:0215N
Ptarmigan Int. Capital Trust PLC
01 July 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 27th June 2003 was 300.70p. This assumes
conversion of the Convertible Bonds and does not include any income retention
for the year to-date.






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