RNS Number:4132K
Progressive Value Management Ld
25 April 2003

                                                                      FORM SAR 5



Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are being sold.



Date of disclosure


25 April 2003



DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ("SARs")



Date of sale


25 April 2003



Sale of (name of company)


Dowding & Mills plc



1. Class of voting shares (eg ordinary shares)


Ordinary shares



Number of shares/rights over shares sold


4,600,000                              Shares       -                                          Rights



If rights over shares sold, as opposed to the shares themselves, specify nature
of rights


-



2. Resultant total holding of voting shares (and % of total voting shares in
issue)


23,089,541                                           14.98%



Resultant total holding of rights over shares (and % of total voting shares in
issue)


-                                                    -    %



Total percentage


   14.98%



3. Party making disclosure


Progressive Value Management Limited

4. (a) Name of person selling shares or rights over shares


Progressive Value Management Limited



and, if different, beneficial owner


Advance Value Realisation Company Limited



(b) Names of any other persons acting by agreement or understanding


Progressive Value Management Limited is also investment manager to Second
Advance Value Realisation Company Limited which is the beneficial owner of
21,931,514 ordinary shares in Dowding & Mills plc.



Signed, for and on behalf of the party named in (3) above


ANTHONY LEE



(Also print name of signatory)


ANTHONY LEE



Telephone and extension number


020 7490 4355



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: monitoring@disclosure.org.uk


                      This information is provided by RNS
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