RNS Number:5829F
Asset Value Investors Ltd
24 November 2004


                                                                      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 24th November 2004

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

Date of sale 23rd November 2004

Sale of Oryx International Growth Fund Limited

(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)

Ordinary       1,350,000 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)

Nil                               N/A                               Nil

(3) Party making disclosure Asset Value Investors Limited

(4) (a) Name of person selling shares or rights over shares British Empire
Securities and General Trust
and, if different, beneficial owner N/A

(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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