Director Shareholding

RNS Number:6244Q
Britannic Smaller Companies Tst PLC
07 October 2003


                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

Britannic Smaller Companies Trust plc

2) Name of director

Daniel O'Neil

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

Director named 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 (if notified)

Daniel O'Neil

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

N/A

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

Automatic reinvestment of Dividend Income to purchase Shares

7) Number of shares/amount of
stock acquired

31

8) Percentage of issued class

0.0000818

9) Number of shares/amount
of stock disposed

Nil

10) Percentage of issued class

Nil

11) Class of security

25p Ordinary Shares

12) Price per share

142p

13) Date of transaction

7 October 2003

14) Date company informed

7 October 2003

15) Total holding following this notification

3929

16) Total percentage holding of issued class following this notification

0.010375%

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

17) Date of grant

N/A

18) Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23) Any additional information

N/A

24) Name of contact and telephone number for queries

Marie Ross - 0141 222 8288

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

Date of Notification... 7 October 2003 ............................






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