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Merrill Lynch PIE Warrants

Document date:  Fri 12 Nov 1999
Published:  Fri 12 Nov 1999 12:09:40
Document No:  154990
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Sydney                                                        

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This is to advise that as at 28 February, 1998, the Net Tangible 
Asset backing of each share of Chapmans Limited was 4.3 cents.

P. Hetherton
Secretary                                                                                                                                                              1