RNS Number:2367L
Property Income & Growth Fund Ld
16 May 2003


Property Income & Growth Fund Limited and BC Property Securities Limited

Offer Update

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



OFFER FOR PROPERTY INCOME & GROWTH FUND LiMITED

Land Race Limited ("Land Race") notes the announcement released earlier today by
Property Income & Growth Fund Limited (the "Company") concerning the failure to
file the two special resolutions passed at the Extraordinary General Meeting of
the Company held on 24th April 2003.

Land Race, which now owns 82.52 per cent. of the existing ordinary share capital
of the Company, wishes to emphasise that its offer for the Company is and
remains wholly unconditional.

Land Race announced earlier today that it was exercising its rights pursuant to
the provisions of the Articles of Association to acquire compulsorily any
non-assented Ordinary Shares. In view of the administrative oversight which
subsequently came to light, Land Race has not commenced the compulsory transfer
of shares held by Ordinary Shareholders who have not accepted the Offer.

Land Race will take all necessary steps to ratify the intended amendments to the
Articles of Association as previously approved by Ordinary Shareholders. To that
end the Board of the Company has been instructed to convene a further
Extraordinary General Meeting. The meeting will take place as soon as
practicable.

The Offer remains open until further notice and Ordinary Shareholders who have
not already accepted the Offer are urged to complete and return their Forms of
Acceptance as soon as possible. The consideration due in respect of acceptances
complete in all respects received after the close of business on 15th May 2003
will be despatched within 14 days of the date of receipt.



Enquiries:

Land Race Limited
David Bruce                                                    01202 305 900

Teather & Greenwood (Financial Adviser to Land Race)
Jonathan Becher                                                020 7426 9000
Paul Fincham                                                   020 7426 9000



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