RNS Number:1134M
Ptarmigan Int. Capital Trust PLC
09 June 2003



PTARMIGAN INTERNATIONAL CAPITAL TRUST PLC

Adam & Company Investment Management Limited, the managers of Ptarmigan
International Capital Trust (PICT) announce that the unaudited Net Asset Value
of PICT ordinary shares as at 6th June 2003 was 303.88p. This assumes conversion
of the Convertible Bonds and does not include any income retention for the year
to-date.






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