Offer Update

Panther Securities PLC
25 November 2003


                                                             25th November, 2003


This announcement is not for release, publication or distribution in whole or in
part, in or into the United States of America, Canada, Australia, Japan or the
Republic of Ireland.



                       Recommended Increased Cash Offer by
                          John East & Partners Limited
                                  on behalf of
                     Panther Securities PLC ('Panther') for
                       Oakburn Properties plc ('Oakburn')


                       Acceptances at first closing date


On 17th October, 2003 the Board of Panther announced the terms of a cash offer
at 560p per share (subject to adjustment depending on the number of options
outstanding) to be made by John East & Partners on behalf of Panther for the
whole of the issued and to be issued share capital of Oakburn. On 23rd October,
2003 Panther announced that, following the lapse of certain options, the offer
price had been increased to 576.67p per share. On 3rd November, 2003 Panther
published the Original Offer Document. On 19th November, 2003 Panther announced
an increased cash offer at 735p per Oakburn Share, recommended by the
Independent Directors of Oakburn. On 24th November, 2003 Hodgson & Faraday
Property Management Services Limited ('H&G') announced the terms of a cash offer
for Oakburn at 760p per share and announced that it had acquired 212,855 Oakburn
Shares, which when taken together with Oakburn Shares already held by parties
acting in concert with H&G, resulted in H&G owning 42.34 per cent. of the issued
share capital of Oakburn following the exercise of 48,000 of the 96,000 Oakburn
Options in existence.


As at 3.00pm on 24th November, 2003, Panther had received valid acceptances of
the Increased Offer in respect of 96,428 Oakburn Shares, representing
approximately 10.79 per cent. of the issued share capital of Oakburn referred to
above.


At the commencement of the offer period, Panther did not hold any Oakburn
Shares.


During the offer period Panther acquired 247,124 Oakburn Shares, representing
27.64 per cent. of the issued share capital of Oakburn referred to above.


Therefore, Panther now hold valid acceptances of the Increased Offer and Oakburn
Shares amounting, in aggregate, to 343,552 Oakburn Shares, representing
approximately 38.43 per cent. of the issued share capital of Oakburn referred to
above.


Enquiries


Panther Securities PLC
Andrew Perloff Tel: [phone]


John East & Partners Limited
David Worlidge / John East  Tel: [phone]



The Panther Directors accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Panther
Directors (who have taken all reasonable care to ensure that such is the case),
such information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.


The contents of this announcement have been approved for the purposes of Section
21 of the Financial Services and Markets Act 2000 by John East & Partners
Limited of 28-30 Worship Street, London EC2A 2AH which is regulated in the
United Kingdom by the Financial Services Authority. John East & Partners Limited
is acting exclusively for Panther and no one else in connection with the
Increased Offer and will not be responsible to anyone other than Panther for
providing the protections afforded to customers of John East & Partners Limited
nor for providing advice in relation to the Increased Offer the contents of this
announcement or any other matter referred to herein.








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