RNS Number:8099K
Asset Value Investors Ltd
08 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 08 April 2005

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

Date of sale 07 April 2005

Sale of Prospect Japan Fund Ltd

(1) Class of   Number of shares/    If rights over shares sold, as opposed to
voting         rights over shares   the shares themselves, specify nature of
shares         sold                 rights
(eg ordinary   400,000 shares       N/A
shares)
Ordinary
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)

24,650,140
representing                      N/A                                 22.95%
22.95% of shares in issue

(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        108,847   Yale University
Chase Nominees                 291,153   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

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