RNS Number:0793K
Progressive Value Management Ld
15 April 2003

The 'Rule 8 - High Point Rendel' announcement released on 15/4/03 at 12.52 under 
RNS No 0623K has been amended.

Amendments are identified with an asterisk (*).

The full amended text is shown below.


     AMENDMENT

                                                   Date of Disclosure   15/4/03

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

                             PLEASE NOTE THIS IS CONDITIONAL UPON THE LISTING
Date of dealing    11/4/03   OF SECOND ADVANCE VALUE REALISATION COMPANY LIMITED

Dealing in    HIGH - POINT RENDELL PLC        (name of company)

1)  Class of securities (eg ordinary shares)  ORDINARY SHARES

2)  Amount bought                Amount sold             Price per unit

     2,300,000                                             6P

3)  Resultant total of the same class owned or controlled 
    (and percentage of class)    * 2,300,000            (8.39%)


4) Party making disclosure    PROGRESSIVE VALUE MANAGEMENT LIMITED


5)  EITHER (a) Name of purchaser/vendor (Note 1)    
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation   PROGRESSIVE VALUE MANAGEMENT LIMITED

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                           NO
                    (ii) offeree company                            NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)     YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)       ANTHONY LEE

Telephone and extension number       020 7490 4355


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Tel No: 020 7382 9026



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