ADSTEAM TO ACQUIRE 49 PCT OF U.K. PROPERTY COMPANY
The Adelaide Steamship Co Ltd <ADSA.S>
(Adsteam) said it will subscribe to 30 mln shares in listed
British property developer, <Markheath Securities Plc>, at 60p
each, subject to shareholder approval.
    The subscription, expected to take place in May, will give
Adsteam 49 pct of Markheath, Adsteam said in a statement.
    Adsteam's managing director John Spalvins will become
chairman of Markheath and two other Adsteam nominees will join
its board. "We hope that in time Markheath will become a
significant property and industrial company in the same style
as Adsteam," Spalvins said in the statement.
 REUTER
