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Gander Properties (GPP)

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Wednesday 20 October, 1999

Gander Properties

EGM Approves Acquisition of Share Capital by Orb

20 October 1999

                       Gander Properties PLC  (the Company)             
          Result of Extraordinary General Meeting and Court Meeting          

A Court meeting and extraordinary general meeting of the Company were held
yesterday for the purpose of approving and implementing the acquisition of all
the issued and to be issued share capital of Gander Properties PLC by Orb
Acquisitions Limited, a wholly owned subsidiary of Orb Estates PLC, by way of
scheme of arrangement under section 425 of the Companies Act 1985(the Scheme).

At the Court meeting the resolution was passed by a majority in number of
shareholders voting (representing in excess of 75% of the votes cast) as
required by section 425 of the Companies Act 1985.

At the extraordinary general meeting the resolution was passed.

The Scheme is expected to become effective on 9 November 1999.


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