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Mon 22 Dec 2003, 14:19 Dealing in securities by a director
Pangbourne Properties Limited - Dealing in securities by a director             
PANGBOURNE PROPERTIES LIMITED                                                   
Incorporated in the Republic of South Africa                                    
(Registration number 1987/002352/06)                                            
Share code: PAP                                                                 
ISIN: ZAE000005252                                                              
("Pangbourne" or "the Company")                                                 
Dealing in securities by a director                                             
In compliance with paragraph 3.63 to 3.74 of the JSE Securities Exchange South  
Africa Listing Requirements, the following information is disclosed:            
Name of director                   :    C M Hutchison                           
Date of transaction                :    19 December 2003                        
Number of linked units              :   20 000                                  
Class of security                  :    Linked unit                             
Price per linked unit              :    R8.00                                   
Nature of the transaction          :    Sale of units to repay executive unit   
                                        purchase share trust loan               
Aggregate consideration            :    R160 000                                
Director"s interest                :    Indirect, beneficial                    
Clearance to deal in these linked units has been obtained in accordance with    
Pangbourne"s policy with regard to directors" dealings as well as the Listings  
Requirements of the JSE.                                                        
Johannesburg                                                                    
22 December 2003                                                                
Sponsor                                                                         
Standard Corporate and Merchant Bank                                            
(A division of The Standard Bank of South Africa Limited)                       
(Registration number 1962/000738/06)                                            
Date: 22/12/2003 02:18:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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