Offer Update

Panther Securities PLC
09 December 2003


                                Embargoed: not to be released until 8.00 a.m. on

                                                              9th December, 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')


                                Update re Offer


As at 3.00pm on 8th December, 2003 (Day 35), Panther had received valid
acceptances of the Increased Cash Offer in respect of 110,714 Oakburn Shares,
representing approximately 13.08 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 357,838 Oakburn Shares, representing
approximately 42.29 per cent. of the issued share capital of Oakburn referred to
above.


On 4th December, 2003, Corbett Keeling Limited on behalf of Hodgson & Faraday
Property Management Services Limited announced that, their offer when made, will
be unconditional as to acceptances. In light of this announcement, Panther has
decided not to extend its offer and as such its offer has duly lapsed.


All documents of title and other documents lodged with forms of acceptance will
be returned within 14 days of the date hereof.


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.


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