Directorate Change

Northacre PLC
10 February 2003

                                 NORTHACRE PLC

                         ('Northacre' or 'the company')



                                 Board Changes



The Board of Northacre PLC announces the retirement of Peter Catto as non-
executive Director & Chairman with effect from 7 February 2003.



Peter Catto has been non-executive Chairman of Northacre since its public
flotation in 1999 and prior to this he was non-executive chairman of the
privately-owned company Northacre Limited.



Peter Catto has been associated with Northacre for nearly 30 years and has been
instrumental in the development of the company. The Board would like to express
their thanks for Peter's assistance over the years and wish him well in his
retirement. Klas Nilsson, one of the original founders of the company, will take
over the role of Executive Chairman on a temporary basis until a new Chairman is
appointed.



The Board of Northacre also announces the appointment of Mr Shemeel Khan (39) as
non-executive director of Northacre PLC. Mr Khan, whose background is in
investment banking, has worked with Northacre previously on a number of projects
and has been a consultant to the Company since 2000. He is currently a
consultant to 552 Kings Road Limited, the owner of the KINGS CHELSEA
development.



The Board of Northacre also announces the retirement of Mr Stephen Sinclair as
non-executive director of Northacre PLC with immediate effect. Stephen Sinclair
has been a non-executive director since Northacre reversed into Property
Management Holdings PLC in 1999. The Board is grateful for his time and support
over the last 4 years.



Directors details



As required by Rule 15 of the AIM rules, the Company makes the following
disclosures following the appointment to its Board of Shemeel Khan.



Shemeel Khan is currently a director of Overstrand Structured Finance Limited.



He was in the past five years a director of Campden Hill (Atkins) Limited,
Campden Hill (Campus) Limited, Manresa Road Limited, 552 Kings Road Limited &
European Land (Four Surplus) Sites Limited.



There are no other matters under paragraph (f) of Schedule 2 of the AIM rules to
be announced






Convertible Loan Stock



The Board announces the issuance of £500,000 of convertible loan stock to Mr
Shemeel Khan. The Loan stock carries a coupon of 5% and is redeemable on 20th
December 2003. The Loan stock can be converted into Ordinary shares of 2.5p at a
conversion price of 11p and would represent approximately 16.7 per cent in total
of the enlarged issued share capital of the Company on conversion. The funds
raised have been utilised to provide additional short term working capital to
the Company.





10 February 2003


Enquiries:

Northacre PLC                                          Tel: [phone]
Simon Elgar, Finance Director

College Hill Associates                                Tel: [phone]
Kate Pope






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