The need for a small pointing facility for Spacelab experiments weighing up to 200kg and calling for low or medium pointing stability became evident from the evaluation of surveys of potential European Spacelab payloads. The Position and Hold Mount (PHM) which covers the low stability range, would satisfy approximately 30% of all European experiments. The PHM concept combines the advantages of low development and flight-hardware fabrication cost with those of lowest user cost for this group of experiments. Due to its inherent growth capability and the experience gained during manufacture, testing and operation, it will be possible to improve the capabilities of the mount, to produce a stabilised pointing mount, at comparatively low cost. The development programme initiated by ESA for the PHM minimises development cost and schedule risk by relying on existing basic designs and on building and testing of hardware at an early stage in the development programme. The PHM performance and the basic operation capability of a stabilised pointing mount will be demonstrated early in 1981. The pointing and payload accommodation requirements of small European experiments, the design requirements for a PHM and its integration into Spacelab are analysed and the PHM hardware is described.