If its a 39 its a rare one with Anstey link rear end. I'd agree with Adrie - tidy it up and ride it.
Post up the frame and engine number prefixes.
Swindon Branch Secretary
Ariels - 1913 TT Model, 20 Roadster, 28 Model D, 30 Model B, 38 VH, 52 VH
The Offroad Fleet - Fantic 200, Bultaco Pursang, Beta Rev 3