Director Shareholding-Rplcmnt

Derwent Valley Holdings PLC
08 April 2003

The following replaces the director shareholding announcement released today at
16.22 hrs with   RNS reference 7918J. Under section 6 the announcement should
state that the purchase followed the exercise of share options. All other
details remain the same.


                                 SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1)      Name of company:

         Derwent Valley Holdings PLC

2)      Name of director:

         Nigel Q. George

3)      Please state whether notification indicates that it is in respect of 
        holding of the shareholder named in 2 above or in respect of a 
        non-beneficial interest or in the case of an individual holder if it is 
        a holding of that person's spouse or children under the age of 18 or in 
        respect of a non-beneficial interest:

         Holding of above named director.

4)      Name of the registered holder(s) and, if more than one holder, the 
        number of shares held by each of them (if notified):

         Not notified


5)      Please state whether notification relates to a person(s) connected with 
        the Director named in 2 above and identify the connected person(s):

        -

6)      Please state the nature of the transaction. For PEP transactions please 
        indicate whether general/single co PEP and if discretionary/non 
        discretionary:

         Exercise of share options.

7)      Number of shares/amount of stock acquired:

        2,556

8)      Percentage of issued class:

         0.005%


9)      Number of shares/amount of stock disposed:

         -

10)     Percentage of issued class:

         -

11)     Class of security:

         5p ordinary shares

12)     Price per share:

         £1.91

13)     Date of transaction:

         March 27, 2003

14)     Date company informed:

         April 7, 2003

15)     Total holding following this notification:

         4,153

16)     Total percentage holding of issued class following this notification

         0.008%

        If a director has been granted options by the company please complete 
        the following boxes

17)     Date of grant:


18)     Period during which or date on which exercisable:


19)     Total amount paid (if any) for grant of the option:


20)     Description of shares or debentures involved: class, number:


21)     Exercise price (if fixed at time of grant) or indication that price is 
        to be fixed at time of exercise:


22)     Total number of shares or debentures over which options held following 
        this notification:


23)     Any additional information:


24)     Name of contact and telephone number for queries:

         Mr T J Kite - 020 7659 3000

 25)     Name and signature of authorised company official responsible for 
         making this notification:

         Mr T J Kite

        Date of Notification:                                                 
                                               April 8th  2003









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