Voyageur European - Holding in Company

RNS No 5471t
VOYAGEUR EUROPEAN SMALLER COMPANIES TRUST PLC


                    DEALINGS BY SUBSTANTIAL SHAREHOLDERS

1)  NAME OF COMPANY
VOYAGEUR EUROPEAN SMALLER COMPANIES TRUST PLC


2)  NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

WINDSOR LIFE ASSURANCE COMPANY LIMITED
MSS NOMINEES LIMITED

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

AS IN 2 ABOVE

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

N/A

5)  Number of shares/amount of stock acquired.

300,000

6)  (2.98%) of issued Class

7)  Number of shares/amount of stock disposed

N/A

8)  ( N/A %) of issued Class

9)  Class of security

ORDINARY 50P SHARES

10) Date of transaction

13.11.97

11) Date company informed

13.11.97

12) Total holding following this notification

550,000

13) Total percentage holding of issued class following this notification

5.46%

14) Any additional information

N/A

15) Name of contact and telephone number for queries

0131 225 7515

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


    Date of Notification...18.11.97.............


END


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