Compulsory Acqn of Shares

Pathfinder Properties PLC
13 December 2001


ANNOUNCEMENT


                                                            13th December 2001


Recommended revised offer ('the Offer' or 'the Revised Offer') by Pathfinder
Properties PLC ('Pathfinder Properties' or 'the Company') for Pathfinder
Recovery 1 PLC ('Recovery 1')

The Board of Pathfinder Properties announces that the period specified in the
notices sent to non-assenting Recovery 1 shareholders pursuant to Section 430A
(3) of the Companies Act 1985 during which the rights conferred by that
section could be exercised expired on 9th December 2001.  The Offer closed on
10th September 2001.

As at 9th December 2001 the final total of acceptances in respect of the Offer
was as follows:

Complete acceptances in respect of the Share Offer:      1,122,395   (24.28%)



Complete acceptances electing for cash:                  3,277,915   (70.92%)



Therefore, the total of completed acceptances in respect of the Offer now
stands at 95.2%.

The directors of Pathfinder 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.



Enquiries:

Malcolm Bacchus  Pathfinder Recovery 1 PLC  020 7736 9669

David Nabarro  Nabarro Wells & Co. Limited  020 7710 7409