Property Asset PLC - Re Directorate

RNS No 4251j
PROPERTY ASSET HOLDINGS PLC
10th August 1998

                          Re: Directorate

Property Asset Holdings is pleased to announce the appointment  of
Mr  Andrew  Christopher Roberts as Finance Director  and  Mr  John
David   Hayden  as  a  Non-Executive  Director.   Both  of   these
appointments are effective immediately.

Christopher  Roberts (35), FCCA, is currently Finance Director  of
Mountcashel  Plc.  He is also a Director of Oxford  Nanotechnology
Plc,  Grosmont Holdings Plc,  Polybyte Limited, Corporate  Synergy
Plc and Newbourne Plc.

David  Hayden  (57)  is currently a Director  of  Shangri-La  Asia
Limited  (listed on the Hong Kong Stock Exchange) and is  Managing
Director  and  Chief Executive Officer of Shangri-La International
Hotel Management Limited and all its subsidiaries.  He has been in
the hotel and hospitality business most of his career with various
posts  with  Westin Hotels.  Prior to that he had  positions  with
J.Walter  Thompson and Unilever.  He is also a Director and  owner
of  Smallbrook Investments Limited which holds 15,833.334 ordinary
shares in Property Asset Holdings.

The  formation  of  Property Asset Holdings would  not  have  been
possible  without the assistance and experience of Oliver Vaughan,
Tim James, Adrian Graham and Brian Moritz who will resign from the
Board today due to their potentially conflicting directorships  of
Gander  Holdings  PLC.  None of the Directors  who  are  resigning
today  currently have any intention of disposing of any shares  in
the company.

David Payne, Chairman, said:

"The stated strategy of Property Asset Holdings remains unchanged.
I  am pleased to welcome our two new Directors - David Hayden,  in
running  a  world-wide hotel group, has great property  experience
that  he  will bring to the Board and Chris Roberts has  a  proven
track  record in financial management.  I look forward to  working
with both of them."

Enquiries:

Property Asset Holdings PLC             Tel: 0171 376 0550
David Payne, Chairman

College Hill                            Tel: 0171 457 2020
Matthew Smallwood
Kate Pope

Notes:

Neither Christopher Roberts nor John David Hayden:

(1)  is not currently or has not over the previous five years been
a  director or partner of any companies or partnerships other than
those which are disclosed above;

(2)   has  not  unspent  convictions  in  relation  to  indictable
offences;

(3)   has  not  been involved in any bankruptcy of  individual  or
voluntary arrangements;

(4)   has  not been involved as a director of a company which  has
gone  into  receivership  or been the subject  of  any  compulsory
liquidations, creditors voluntarily liquidations, administrations,
company  voluntary arrangements or any composition or  arrangement
with its creditors generally or any class of its creditors at  the
time of or within the 12 months preceding such events;

(5)   has not been involved as a partner when the partnership  has
been  the  subject of any compulsory liquidations, administrations
or partnership voluntary arrangements at the time of or during the
preceding 12 months;

(6)   has  not been involved in any receiverships of  any  of  his
assets or of any assets of a partnership of which he was a partner
at the time of or within 12 months preceding such events; and

(7)   has  not  been  the subject of any public criticism  by  any
statutory    or   regulatory   authority   (including   recognised
professional bodies) and has not been disqualified by a court from
acting as a director of a company or from acting in the management
or conduct of the affairs of any company.

Copies of this announcement are available for a period of 14  days
from today from:

College Hill Associates, 29 Gresham Street, London EC2V 7AH.

END

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