Fthr re Planning Application

Pathfinder Properties PLC
28 June 2001

From:        Nabarro Wells & Co. Limited

To:          Company Announcements Office

Date:        28 June 2001

Subject:     ANNOUNCEMENT

Release:     IMMEDIATE

ANNOUNCEMENT FOLLOWS:

PATHFINDER PROPERTIES PLC ('PROPERTIES' OR 'THE COMPANY')

PROPOSED DEVELOPMENT AT RIVER QUAY, CASTLEFIELD, MANCHESTER


The Board of Properties wishes to provide further information in relation to
the announcement released under RNS No.9290E at 10.21 a.m. on 8 June 2001, in
which the Company announced that Manchester City Council ('the Council') had
given a committee approval in respect of the first phase of Properties' River
Quay development.

The Company has not received formal written notice of the Council's decision
and is therefore unaware of the exact terms or scope of the consent, its
related conditions or the extent of any obligations under Section 106 of the
Town and Country Planning Act 1990. Formal planning permission will not be
issued unless and until a Section 106 agreement has been negotiated with the
Council and all other conditions which may be applied or have been applied by
the Council have been satisfied.'




Enquiries:


Malcolm Bacchus, Pathfinder Properties PLC 020 7736 9669


Robert Lo, Nabarro Wells & Co. Limited 020 7710 7400


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

Nabarro Wells & Co. Limited has approved the contents of this announcement for
the purposes of Section 57 of the Financial Services Act 1986.

                                   - ENDS -