RNS Number:6918K
BC Property Securities Limited
02 May 2003


02nd May 2003

Property Income & Growth Fund Limited (the "Company") &
BC Property Securities Limited (the "Subsidiary")

The directors (the "Board" or "Directors") of Property Income & Growth Fund
Limited and BC Property Securities Limited (together the "Group") announced on
23 April 2003 that they had received an unsolicited approach from a third party
(which has not previously approached the Group).  It was noted that this
approach was at a preliminary stage and the potential offeror and its advisers
were still considering certain due diligence information.  The initially
indicated offer terms provided, inter alia, for an interconditional offer for
the ordinary shares of the Company and the zero dividend preference ("ZDP")
shares of the Subsidiary.  The Board noted in the announcement that certain of
those terms and, in particular the consideration for the ZDP shares, would be
inadequate to secure a recommendation from the Board.

The Directors of the Group now announce that the potential offeror has since
indicated revised offer terms which remain, inter alia, interconditional on
successful offers for both the ordinary shares of the Company and the ZDP shares
of the Subsidiary.  The Board believes that certain of those terms and, in
particular the consideration for the ZDP shares, remain inadequate to secure the
recommendation of the Board.

The offer on behalf of Land Race Limited ("Land Race") is the only formal offer
that has been received by the Company and it continues to be recommended by the
Board.  The Land Race offer is subject to certain conditions including a minimum
acceptance level.  The Board notes the announcement by Land Race on 24 April
2003 that valid acceptances had been received (by 3.00pm on that date) in
respect of 61.2 per cent. of the Company's ordinary shares.  There is, however,
no obligation for Land Race to extend its offer beyond 3.00 p.m. on Thursday, 8
May 2003 should the acceptance condition not have been satisfied by that time.

In the absence of alternative offer proposals being received which the Board
believes could be recommended to shareholders and taking into account the level
of acceptances received in respect of the Land Race offer as well as the
forthcoming deadline on 8 May 2003, the Board now recommends ordinary
shareholders, who have not already done so, to accept the Land Race offer
without further delay.


Enquiries:

Hugh Field                                                           020 7678 8000
Hoare Govett Limited

The Directors accept responsibility for the information contained in this
announcement. To the best of their knowledge and belief (having 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.

Hoare Govett Limited, which is regulated in the United Kingdom by The Financial
Services Authority, is acting exclusively for the Group and for no-one else in
connection with the unsolicited approach and will not be responsible to anyone
other than the Group for providing the protections afforded to customers of
Hoare Govett Limited or for providing advice in relation to the unsolicited
approach.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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