Result of EGM

RNS Number:1189L
Britannic Smaller Companies Tst PLC
15 April 2005


Britannic Smaller Companies Trust plc


Result of the Second EGM


The Board of Britannic Smaller Companies Trust plc (the "Company") announces
that at the Second Extraordinary General Meeting of the Company held today, 15
April 2005, the resolutions before the meeting were approved by Shareholders.
Accordingly, the Company has been placed in members' voluntary liquidation and
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed joint liquidators to the Company.


Entitlements under the Scheme


In accordance with the reconstruction proposals, for every share held in the
Company, shareholders will receive 0.2776 shares in JPMorgan Fleming Mercantile
Investment Trust plc ("JPMF Mercantile") or 212.96p cash or such combination for
which shareholders elected or are deemed to have elected.

The issue price of shares in JPMF Mercantile was 767.067p, being a 8.4% discount
to the  fully-diluted NAV as at close of business on 13 April 2005, for shares
issued under the Scheme.

Dealings in respect of new shares in JPMF Mercantile issued under the Scheme
commenced are expected to commence at 08.00am on 18 April 2005 and certificates
are expected to be issued in the week commencing 18 April 2005. In respect of
elections for cash, cheques are expected to be despatched in the week commencing
18 April 2005.

Shareholders are reminded that the register of holders of Reclassified Shares
has closed and that dealings in the Shares have been suspended.


Enquires

David Tucker                                                     07785 23 22 41
Chairman, Britannic Smaller Companies Trust plc

Angus Gordon Lennox                                              020 7588 2828
JPMorgan Cazenove Limited




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