SAR - Dowding & Mills plc

FORM SAR 3

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
acquired.

Date of disclosure

15 April 2003

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

Date of acquisition

11 April 2003

Acquisition in (name of company)

Dowding & Mills Plc

1. Class of voting shares (eg ordinary shares)

Ordinary shares

Number of shares/rights over shares acquired

   21,931,514       Shares       -             Rights

If rights over shares acquired, as opposed to the shares themselves,
specify nature of rights

-

2. Resultant total holding of voting shares (and % of total voting
shares in issue)

27,689,541                    17.97   %

Resultant total holding of rights over shares (and % of total voting
shares in issue)

-                                -%

Total percentage

   17.97%

3. Party making disclosure

Progressive Value Management Limited
4. (a) Name of person acquiring shares or rights over shares

Progressive Value Management Limited

and, if different, beneficial owner

Second Advance Value Realisation Company Limited - Please
note that this acquisition is conditional on this company
being listed on the London Stock Exchange

(b) Names of any other persons acting by agreement or understanding (see
SAR 5)

Progressive Value Management Limited is investment
manager to Advance Value Realisation Company Limited
which is the beneficial owner of 5,758,027 ordinary
shares in Dowding & Mills plc.

Signed, for and on behalf of the party named in (3) above

ANTHONY LEE

(Also print name of signatory)

ANTHONY LEE

Telephone and extension number

020 7490 4355

Note.     Under SAR 5, the holdings of and acquisitions by persons
acting by agreement or understanding must be aggregated and treated as a
holding of or acquisition by one person. Note 3 on SAR 5 requires
persons who must aggregate holdings to disclose certain disposals.

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.
Email:[e-mail]