TAR Third AD.

    Result of Tender Offer
             



5 November 2007


                       Result of Tender Offer

The result of the Tender Offer made by Marshall Securities Limited on
the terms set out in a circular sent to Shareholders dated 9  October
2007 (the  "Circular"),  which was  approved  by Shareholders  on  31
October 2007, was as follows:

Valid tenders were received from Shareholders who held 21,762,395
Ordinary Shares at the record date for the Tender Offer representing
approximately 98.41 per cent. of the 22,114,490 Ordinary Shares in
issue.

The Tender Price is 119.64p per Ordinary Share being equal to the Net
Asset Value (after  expenses of  the Tender  Offer) at  the close  of
business on 31 October 2007.

The Repurchase  Monies available  to  finance purchases  of  Ordinary
Shares pursuant to the Tender Offer are �9 million.

The resultant Basic Entitlement for each Shareholder is 34.01646478
per cent.

To the extent that not all Shareholders tendered their Basic
Entitlement, any Ordinary Shares tendered by Shareholders in excess
of their Basic Entitlements will be purchased pro rata in proportion
to the amount tendered by each Shareholder who submitted a valid
application for a tender in excess of such entitlement.

The total number of Ordinary Shares to be purchased under the Tender
Offer is 7,522,548.


Following the settlement of the Tender Offer, which is expected to be
made on 8 November 2007, 14,591,942   Ordinary Shares will remain  in
issue.

Capitalised terms in this  announcement have the  same meaning as  in
the Circular.



Enquiries:



Progressive Value Management Limited 020 7556 5550
Robert Legget / Ross Courtier

Marshall Securities Limited          020 7490 3788
John Webb

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