Final Results

Second Advance Value Realisation Co
25 June 2004

Second Advance Value Realisation Company Limited


The investment trust that specialises in providing investors with value and liquidity from holdings in listed UK
smaller companies


Preliminary announcement of results for the period from 21 March 2003 to 31 March 2004


•   £38.4 million cash returned to shareholders by 31 March 2004. A further £10 million is being returned to
    shareholders through a tender offer.

•   138 holdings reduced to 26 in 11 months.

•   NAV of Ordinary Shares increased by 138% from 90.99p (net of expenses) to 216.16p.

•   Based on the NAV of the Ordinary Shares the Company was the No.1 performing share in the UK Smaller Companies
    Investment Trust sector in the 12 months to end of March 2004 (according to the Consortium Investment Trust     
    Service).

•   An interim dividend of 7p per Ordinary Share was announced with the Tender Offer


Robert Norbury, chairman, commented:


'SAVR has delivered an outstanding result for its investors in terms of both value and liquidity in its first full
financial period and aims to achieve full realisation of the portfolio by 30 June 2005.'


CHAIRMAN'S STATEMENT



Second Advance Value Realisation Company Limited ('SAVR') was launched on 25 April 2003, with a further supplemental
placing in May 2003. The initial portfolio consisted of 138 holdings, valued at £45.8 million. SAVR's twin objectives
are the pursuit of value and liquidity and I am delighted to report further good progress at your Company.



SAVR has already returned £38.4 million to shareholders by way of the purchase and redemption of all the Redeemable
Preference Shares and two buy-backs of Ordinary Shares. A further £10 million is being returned to shareholders by way
of a tender offer which was approved on 23 June 2004. In total £48.4 million has now been returned, representing 106%
of the original subscription.



The Manager, Progressive Value Management Limited ('PVML'), has been identifying appropriate exit strategies in order
to achieve good value from the portfolio. Net realised gains in the reporting period totalled £13.3 million; the
Manager has been successful in identifying high risk situations within the portfolio and exiting from them quickly.



The net asset value ('NAV') of the Ordinary Shares was 216.16p at 31 March 2004, having increased from 182.48p at 30
September 2003 and from 90.99p at launch (net of the expenses of flotation which were borne entirely by the Ordinary
Shares).  The weighted average NAV, which takes account of the cash returned to investors, rose from 97.30p (net of
expenses) at launch to 130.95p as at 31 March 2004.



It is the Company's policy to pay as dividend substantially all of its net income available for distribution to
shareholders. In the period to 31 March 2004, the Company's revenue profit after tax was £0.7 million. This level of
income will not be repeated next year, as the asset base from which it is derived has reduced substantially through
stock realisations, the subsequent redemptions, buybacks and the recent tender offer. The Board announced an interim
dividend for the period to 31 March 2004 of 7p per Ordinary Share on 2 June 2004 to all shareholders on the register on
11 June 2004. As a result the Board is not declaring a final dividend for the period.



The Manager has observed considerable reductions in market liquidity in recent weeks. The latest rise in UK base rates
to 4.5% on 10 June is unlikely to be the last this year and the Board expects that the Small Cap environment will face
further uncertainties. Notwithstanding this, the Board is confident that the Manager will succeed in its efforts to
liquidate the portfolio next year.



The SAVR Annual General Meeting will be held at Crusader House, 145-157 St John Street, London EC1 on 10 August 2004 at
11 a.m.


Robert Norbury

25 June 2004


STATEMENT OF TOTAL RETURN

For the period from 21 March 2003 to 31 March 2004



                                                                 Revenue     Capital      Total
                                                                   £'000       £'000      £'000

Gains on investments                                                   -      17,704     17,704


Income                                                             1,528           -      1,528
Investment management fee                                          (439)     (2,322)    (2,761)
Other expenses                                                     (351)           -      (351)
Return on ordinary
activities before taxation
                                                                     738      15,382     16,120
Taxation                                                               -           -          -
Return on ordinary
activities after taxation
                                                                     738      15,382     16,120

Ordinary dividend payable                                          (699)           -      (699)
Transfer to reserves                                                  39      15,382     15,421

Return per ordinary share                                          5.60p     116.73p    122.33p



The revenue column of this statement is the profit and loss account of the
Company.


All revenue and capital items in the above statement derive from continuing
operations.



The Company was incorporated on 21 March 2003 and listed on 25 April 2003.



There are no comparatives as this is the Company's first period of operations.


BALANCE SHEET

At 31 March 2004


                                                                                                 £'000
FIXED ASSETS
Investments at market value                                                                     16,169

CURRENT ASSETS
Other debtors                                                                                       19
Cash at bank and in hand                                                                         7,905
                                                                                                 7,924

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR:
Accrued liabilities                                                                              (269)
Equity appreciation fee provision                                                              (1,539)
Dividends payable                                                                                (699)
                                                                                               (2,507)

NET CURRENT ASSETS                                                                            5,417


TOTAL NET ASSETS                                                                                21,586


CAPITAL AND RESERVES


Share capital                                                                                        1
Share premium account                                                                            4,410
Share purchase reserve                                                                           1,750
Capital redemption reserve                                                                           4
Realised capital reserve                                                                        10,930
Unrealised capital reserve                                                                       4,452
Revenue reserve                                                                                     39
SHAREHOLDERS' FUNDS                                                                             21,586


Net assets per ordinary share                                                                  216.16p


CASH FLOW STATEMENT

For the period from 21 March 2003 to 31 March 2004


                                                                                     £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                              205

FINANCIAL INVESTMENT
Receipts on disposal of fixed asset investments                                     47,355
NET CASH INFLOW FROM INVESTING ACTIVITIES                                           47,355


EQUITY DIVIDENDS PAID                                                                    -


NET CASH INFLOW BEFORE FINANCING                                                    47,560

FINANCING
Expenses of issue of share capital                                                 (1,238)
Payments to purchase and redeem own shares                                        (38,417)

NET CASH OUTFLOW FROM FINANCING                                                   (39,655)


INCREASE IN CASH                                                                     7,905


NOTES


The Company is a closed-ended investment company incorporated in Guernsey.  The Company is resident for tax purposes in
the UK



This report has been prepared in accordance with applicable United Kingdom accounting standards and with the Statement
of Recommended Practice 'Financial Statements of Investment Trust Companies'.  There are no comparatives as this is the
Company's first period of operations.



Basic revenue return per share is based on the net revenue on ordinary activities after taxation of £738,000
attributable to the weighted average of 13,177,946 ordinary shares of 0.01p in issue during the period.



Basic capital return per share is based on the net capital gains for the financial period of £15,382,000 attributable
to the weighted average of 13,177,946 ordinary shares of 0.01p in issue during the period.



These financial statements are not the Company's statutory accounts.  The annual report will be sent to shareholders
and copies will be made available to the public at the registered office of the Company and at the address of the UK
Administration Agent.  Copies will also be made available on www.pro-asset.com.



The Company was incorporated on 21 March 2003.  Business operations commenced on 25 April 2003.


SECRETARY, ADMINISTRATOR & REGISTERED OFFICE

Legis Corporate Services Limited

1 Le Marchant Street

St Peter Port

Guernsey

GY1 4HP



UK ADMINISTRATION AGENT

Cavendish Administration Limited

Crusader House

145-157 St John Street

London

EC1V 4RU




                      This information is provided by RNS
            The company news service from the London Stock Exchange