AGM Statement

    INTRINSIC VALUE PLC

At the Annual General Meeting held today, the following Ordinary Resolutions
were passed:

 1. To receive the audited accounts for the period ended 30 June 2003, together
    with the Report of the Directors and Auditors thereon.
   
2. To receive and approve the Directors remuneration report

 3. To declare a final dividend of 0.30p per Ordinary share.
   
 4. To re-elect Mr James West as a Director of the Company.
   
 5. To re-appoint Deloitte and Touche LLP as Auditors to the Company and to
    authorise the Directors to determine their remuneration.
   
In addition the following Special Resolutions were passed:

6. THAT:

 a. the Company be and is hereby granted authority in accordance with the
    Articles of Association of the Company and section 164 of the Companies Act
    1985 (provided that this authority shall expire on 31 December 2003),
    forthwith to purchase all its deferred shares of 1p each in pursuance of
    and on the terms of a contract to be made between the Company (1) and the
    holders of the entire issued deferred share capital of the Company (2), a
    copy of which is attached and that the contract referred to be and is
    hereby approved; and
   
 b. upon the purchase and cancellation of the issued deferred share capital of
    the Company pursuant to completion of the contract referred to in
    sub-paragraph (a) above, each of the authorised deferred shares of 1p each
    in the capital of the Company be reclassified as New ordinary share of 1p
    ranking pari passu in all respects and forming one class with the existing
    ordinary shares of 1p each in the capital of the Company and that the
    articles of association be amended to (i) reflect such amended share
    capital of the Company and (ii) to delete article 3.2 which sets out the
    rights attaching to the deferred shares.
   
7. To authorise the Directors to make market purchases of up to 3,750,000 New
Ordinary shares of 1p each in accordance with Resolution 7 of the Notice of the
Annual General Meeting.

12 November 2003.



END