Net Asset Value(s)

 
TIDMTAR 
 
Third Advance Value Realisation Company Limited ("the Company") 
announces that as at the close of business on 13 February 2009 its 
unaudited net asset value, after providing for the estimated costs of 
liquidating the Company and of running the Company until the 
appointment of the liquidator was GBP10.9m, representing 74.84p per 
Ordinary Share. 
 
 
The Company is managed by Progressive Value Management Limited ("the 
Manager").  Following the European Court of Justice ruling on 28 June 
2007 in the VAT case, brought by JP Morgan Claverhouse Trust plc in 
conjunction with the AIC, concerning VAT exemption on management 
expenses for investment trusts, the Manager's group submitted a claim 
to HM Revenue & Customs for recovery of VAT on management fees 
including those charged to the Company.  The Manager's group has paid 
the Company GBP265,358, equivalent to 1.82p per Ordinary Share, in 
respect of the principal amount relevant to the Company that the 
Manager's group has received from HM Revenue & Customs.  The 
Manager's group has received interest in respect of its entire claim 
and is presently calculating the amount of interest on the principal 
which relates to the Company. The Manager's group has agreed to pay 
the relevant amount to the Company. The interest payable to the 
Company is expected to be approximately GBP20,000, which is less than 
0.15p per Ordinary Share.  The net asset value above includes the 
recovered VAT but not any interest thereon. 
 
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