Paul D. Campbell, CEO and president of Ontario, CA-based Revenue Properties Company Ltd. resigned from Pan Pacific's board, leaving the Vista-based real estate investment trust with six directors, five of them independent.

Campbell had been a member of the board since May 1998 in connection with Revenue Properties' holding some 10.8 million shares of Pan Pacific common stock, representing about a 51.1% ownership stake in Pan Pacific at the time. During the past six months, however, Revenue Properties has sold about 9.3 million shares through a number of separate transactions with unaffiliated institutions and private investors. In June alone, Revenue Properties announced the sale of 4,330,000 shares to US institutional investors worth $155 million Canadian.

As a result, Revenue Properties currently holds about 1.5 million shares, or 4.8%, of Pan Pacific common stock.