Directorate, etc

Pathfinder Properties PLC
7 August 2000

PATHFINDER PROPERTIES PLC
Announcement of changes in directors and management
7 August 2000

The Board of Pathfinder Properties PLC is pleased to
announce the appointment of Mr Malcolm Graham Bacchus and Mr
Simon Patrick Dawkins as executive directors following the
resignation, earlier today, of Mr Andrew de Candole who
intends to pursue his internet and internet related
businesses.

Messrs Bacchus and Dawkins have worked with the company, for
some time, as consultants on both property development and
management issues.    They share the Board's vision of
creating a property group that can make a significant
contribution to urban regeneration.

Mr Bacchus has acted as a consultant to the Company since
its flotation on the Alternative Investment Market.  Aged
46, he has worked in property finance and management since
1987.   He qualified as a Chartered Accountant and worked
with Grant Thornton and BDO Binder Hamlyn prior to becoming
an independent adviser to property companies in 1994.

Mr Dawkins, aged 41, has acted as a consultant to the
Company since 1998 with responsibility for site acquisition,
planning and development.   He previously ran the UK
subsidiary of an international finance company and was a
director of a property developer and contractor specialising
in penthouse developments.

Mr de Candole is working with management to ensure a smooth
hand-over from his management company, Blenheim Asset
Management Limited, which supplied services to the Company.
All relevant Blenheim staff will be transferring to the in-
house team.  Similar changes are taking place in the
management of all other Pathfinder companies.

Pathfinder Recovery Ventures Limited is acquiring 15,190,000
shares, being the majority of Blenheim's and Mr de Candole's
interests in Pathfinder Properties PLC, at 20.14p per share,
representing a 21.6% interest in the issued share capital of
the Company.

The Chairman, Sir Christopher Leaver, said, in announcing
the management changes, 'Mr de Candole has indicated to us
his wish to spend more time on his internet and internet
related companies and we have therefore taken this
opportunity to rationalise management structures.
We are confident the existing team's mix of experience and
expertise will ensure these changes represent a significant
step forward for the Company.   We would like to thank
Andrew for his contributions to the Company over the years
and wish him all the best in his new endeavours.'

Mr Bacchus said 'The Company is in a strong financial
position and is continuing to progress its existing
developments.  The Company is also seeking to expand its
joint ventures with the other Pathfinder companies through
an ongoing acquisition program.  The results for the half
year to 30 June, which will be released in September, should
reflect the buoyant market conditions.' An increased interim
dividend is anticipated.

Contact:
Robert Lo           Nabarro Wells & Co. Ltd    020 7710 7400
Andrew Marshall     Marshall Robinson Roe      020 7489 2033
Malcolm Bacchus     Pathfinder Properties PLC  020 7736 9669


Note to editors
Pathfinder Properties PLC was launched as a BES investment
vehicle in 1991.  In 1997 it was floated on AIM as a
property developer, investor and trader.   It has
subsequently acquired  Pathfinder Repossessions PLC and
Pathfinder Repossessions II PLC, also originally BES
companies, and, at 3 August 2000, was capitalised at £15.1
million.   Pathfinder Properties PLC is currently
undertaking developments on its own account and in
conjunction with Pathfinder Recovery 1 PLC and Pathfinder
Recovery 2 PLC (both traded on OFEX since June 2000) and the
Pathfinder Developer EIS companies.

Pathfinder Recovery Ventures Limited is owned 50% by
Pathfinder Recovery 1 PLC and 50% by Pathfinder Recovery 2
PLC.

Details of related transactions announced today appear below

PATHFINDER RECOVERY 1 PLC
Announcement of changes in directors and management

The Board of Pathfinder Recovery 1 PLC is pleased to
announce the appointment of Mr Malcolm Graham Bacchus and Mr
Simon Patrick Dawkins as executive directors following the
resignation, earlier today, of Mr Andrew de Candole who
intends to pursue his internet and internet related
businesses.

Messrs Bacchus and Dawkins have worked with the Company, for
some time, as consultants on both property development and
management issues.   They will complete the transition of
the company from a BES investment vehicle to a property
company making a significant contribution to urban
regeneration following its launch on OFEX in June 2000.

Mr Bacchus has acted as a consultant to the Company since
1997 and has worked in property finance and management since
1987.   Aged 46, he qualified as a Chartered Accountant and
worked with Grant Thornton and BDO Binder Hamlyn prior to
becoming an independent adviser to property companies in
1994.

Mr Dawkins, aged 41, has acted as a consultant to the
Company since 1998 with responsibility for site acquisition,
planning and development.   He previously ran the UK
subsidiary of an international finance company and was a
director of a property developer and contractor specialising
in penthouse developments.

Mr de Candole is working with management to ensure a smooth
hand-over from his management company, Blenheim Asset
Management Limited, which supplied services to the Company.
All relevant Blenheim staff will be transferring to the in-
house team.

Pathfinder Recovery Ventures Limited, a company in which
Pathfinder Recovery 1 PLC has a 50% interest, is acquiring
15,190,000 shares, being the majority of Blenheim's and Mr
de Candole's interests in Pathfinder Properties PLC, at
20.14p per share; representing a 21.6% interest in the
issued share capital of that company.

Mr Martin Boase, Chairman of the Board, said,
in announcing the management changes, 'Mr de
Candole has indicated to us that he wished to
spend more time on his internet and internet related companies and
we have therefore taken this opportunity to
rationalise management structures.   We are
confident the existing team's mix of
experience and expertise will ensure these
changes represent a significant step forward
for the Company.   We would like to thank
Andrew for his contributions to the Company
over the years and wish him all the best in
his new endeavours.'

Similar changes are taking place in the
management of the other Pathfinder companies
including Pathfinder Recovery 2 PLC, which is
traded on OFEX,  and Pathfinder Properties
PLC, which is quoted on AIM.

PATHFINDER RECOVERY 2 PLC
Announcement of changes in directors and
management

The Board of Pathfinder Recovery 2 PLC is
pleased to announce the appointment of Mr
Malcolm Graham Bacchus and Mr Simon Patrick
Dawkins as executive directors following the
resignation, earlier today, of Mr Andrew de
Candole who intends to pursue his internet
and internet related businesses.

Messrs Bacchus and Dawkins have worked with
the Company, for some time, as consultants on
both property development and management
issues.   They will complete the transition
of the company from a BES investment vehicle
to a property company making a significant
contribution to urban regeneration following
its launch on OFEX in June 2000.

Mr Bacchus has acted as a consultant to the
Company since 1997 and has worked in property
finance and management since 1987.   Aged 46,
he qualified as a Chartered Accountant and
worked with Grant Thornton and BDO Binder
Hamlyn prior to becoming an independent
adviser to property companies in 1994.

Mr Dawkins, aged 41, has acted as a
consultant to the Company since 1998 with
responsibility for site acquisition, planning
and development.   He previously ran the UK
subsidiary of an international finance
company and was a director of a property
developer and contractor specialising in
penthouse developments.

Mr de Candole is working with management to
ensure a smooth hand-over from his management
company, Blenheim Asset Management Limited,
which supplied services to the Company.   All
relevant Blenheim staff will be transferring
to the in-house team.

Pathfinder Recovery Ventures Limited, a
company in which Pathfinder Recovery 2 PLC
has a 50% interest, is acquiring the
15,190,000 shares, being the majority of
Blenheim's and Mr de Candole's interests in
Pathfinder Properties PLC, at 20.14p per
share; representing a 21.6% interest in the
issued share capital of that company.

Mr Martin Boase, Chairman of the Board, said,
in announcing the management changes, 'Mr de
Candole has indicated to us that he wished to
spend more time on his internet and internet
related companies and we have therefore taken
this opportunity to rationalise management
structures.   We are confident the existing
team's mix of experience and expertise will
ensure these changes represent a significant
step forward for the Company.   We would like
to thank Andrew for his contributions to the
Company over the years and wish him all the
best in his new endeavours.'

Similar changes are taking place in the
management of the other Pathfinder companies
including Pathfinder Recovery 1 PLC, which is
traded on OFEX,  and Pathfinder
Properties PLC, which is quoted on AIM.

Current and past directorships
Details of current and past directorships
for Messrs Bacchus and Dawkins are attached.

Neither Mr Bacchus nor Mr Dawkins has been a
director of a publicly quoted company at any
time in the past five years and no further
details other than those given in the
attachment are to be disclosed in accordance
with clause 16.8 of the AIM rules.

Malcolm Graham Bacchus

Pathfinder current             Other current directorships
directorships

25 Church St Management        Baccma Management Ltd
Ltd
Aerodome Ltd                   Capital Asset Management Ltd
Baltic Quay Management         The Childcare Corporation PLC
(1994) Ltd
Coralpace Ltd                  The Childcare Corporation No.2 PLC
Crannon Ltd                    The Childcare Corporation No.3 PLC
Deanmile Ltd
Drayhawk Ltd
Excelmode Ltd
Forgeglade Ltd
Holdmark Ltd
Hotel Noir Ltd
Maronbay Ltd
Merchant City Ltd
Merchant Village Ltd           Past directorships
Pathfinder (Clyde Street)
Ltd
Pathfinder (Glasgow) Ltd       Capital Design Projects Limited
Pathfinder (Lexham             Club International Management 
Gardens) Ltd                   Services Ltd
Pathfinder (Scotland) Ltd
Pathfinder (Wine Office Court)Ltd
Pathfinder Construction
Services Ltd
Pathfinder Developer I PLC
Pathfinder Developer II PLC
Pathfinder Developer III PLC
Pathfinder Developer IV  PLC
Pathfinder Developer IX  PLC
Pathfinder Developer VI  PLC
Pathfinder Developer VII PLC
Pathfinder Developer VIII PLC
Pathfinder Properties PLC
Pathfinder Recovery 1 PLC
Pathfinder Recovery 2 PLC
Pathfinder Recovery Ventures Ltd
Pathfinder Repossessions II Ltd
Pathfinder Repossessions Ltd
Viewland Ltd

Simon Patrick Dawkins

Pathfinder current             Other current directorships
directorships

25 Church St Management        Dawkins & Company Ltd
Ltd
Aerodome Ltd
Baltic Quay Management (1994) Ltd
Coralpace Ltd           
Crannon Ltd
Deanmile Ltd 
Drayhawk Ltd
Excelmode Ltd
Forgeglade Ltd    
Holdmark Ltd     
Hotel Noir Ltd
Maronbay Ltd 
Merchant City Ltd
Merchant Village Ltd           Past directorships
Pathfinder (Clyde Street)
Ltd
Pathfinder (Glasgow) Ltd       ACP Ltd
Pathfinder Lexham Gardens)Ltd  Bruno and the Baron Ltd
Pathfinder (Scotland) Ltd      First Modular Ltd
Pathfinder (Wine Office        First Penthouse Ltd
Court) Ltd
Pathfinder Construction        Millennium Chelsea Hotel Ltd
Services Ltd
Pathfinder Developer I         Phase 2 Ltd
PLC
Pathfinder Developer II PLC
Pathfinder Developer III PLC
Pathfinder Developer IV  PLC
Pathfinder Developer IX  PLC
Pathfinder Developer VI  PLC
Pathfinder Developer VII PLC
Pathfinder Developer VIII PLC
Pathfinder Properties PLC
Pathfinder Recovery 1 PLC
Pathfinder Recovery 2 PLC
Pathfinder Recovery Ventures Ltd
Pathfinder Repossessions II Ltd
Pathfinder Repossessions Ltd
Viewland Ltd

Mr Dawkins was a director of Stockholm Finance Limited when it entered into a
corporate voluntary arrangement in June 1991.  Mr Dawkins ceased to be a
director in 15 October 1993 and the company was put into liquidation on the 2
April 1996.