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Thu 9 Dec 2004, 16:52 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                   :    A J W L Richards                        
Date of transaction                :    8 December 2004                         
Number of combined units           :    238 224                                 
Class of security                  :    Combined unit                           
Price per combined unit            :    R8.50                                   
Nature of the transaction          :    Sale of units to repay executive unit   
                                        purchase share trust loan               
Aggregate consideration            :    R2 024 904                              
Director`s interest                :    Direct, beneficial                      
Clearance to deal in these combined 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                                                                    
9 December 2004                                                                 
Sponsor                                                                         
Standard Bank                                                                   
Date: 09/12/2004 04:48:25 PM                   
Produced by the JSE SENS Department
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