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')





                          Extension of Increased Offer





Further to the announcement made by Panther earlier today, Panther announces
that, following the announcement earlier today that the offer by Hodgson &
Faraday Property Management Services Limited has not been declared unconditional
as to acceptances, Panther is extending its offer and the next closing date will
be 8th December, 2003.



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.








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