RNS Number:6924K
Asset Value Investors Ltd
06 April 2005

                                                                      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 sold.

                                                Date of disclosure 06 April 2005

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

Date of sale 05 April 2005

Sale of Prospect Japan Fund Ltd

(1) Class of   Number of shares/    If rights over shares sold, as opposed to
voting shares  rights over shares   the shares themselves, specify nature of
(eg ordinary   sold                 rights
shares)

Ordinary       150,000 shares       N/A
shares


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

26,750,140 representing
24.91% of shares in issue         N/A                               24.91%


(3) Party making disclosure Asset Value Investors Limited

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

Registered Holder               Number   Beneficial Holder

Northern Trust Nominees         45,000   Yale University
Chase Nominees                 105,000   British Empire Securities

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

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

John Pennink (Chief Executive)

Telephone and extension number 020 7647 2900

                     ______________________________________


Note. The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

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
            The company news service from the London Stock Exchange

END
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