RNS Number:5803T
Asset Value Investors Ltd
03 November 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 2nd November 2005

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

Date of sale 2nd November 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 
               

shares)          400,000 shares       N/A
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)


22,250,140 representing               N/A                              20.72%
20.72% 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
BoNY Nominees                    831,422   AVI Value Fund LLC
Chase Nominees                15,215,577   British Empire Securities
State Street Nominees            272,805   Carnegie
BoNY Nominees                    314,773   CF AVI Global Fund
NorTrust Nominees              5,615,563   Yale Developed

(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 Asset Value Investors
Limited

John Pennink (Chief Executive)
Telephone 004420 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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