SAR -Britannic Smaller Co Tst

RNS Number:9493T
Schroder Investment Management Ltd
07 January 2004

                                                                      FORM SAR 3

Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.

Date of disclosure

07 January 2004...............................................................


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

Date of acquisition

06 January 2004...............................................................

Acquisition in (name of company)

Britannic Smaller Companies Trust Plc..........................................

1. Class of voting shares (eg ordinary shares)

Ordinary 25p...............................................................

Number of shares/rights over shares acquired

156,783...Shares........................Rights

If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights

...............................................................

2. Resultant total holding of voting shares (and % of total voting shares in
issue)

5,689,866..........         ....15.077%

Resultant total holding of rights over shares (and % of total voting shares in
issue)

..........         ..........%

Total percentage

15.077%

3. Party making disclosure

Schroder Investment Management Limited..........................................

4. (a) Name of person acquiring shares or rights over shares

Schroder Investment Management Limited .......................................

and, if different, beneficial owner

...............................................................

(b) Names of any other persons acting by agreement or understanding (see SAR 5)

...............................................................

Signed, for and on behalf of the party named in (3) above

...............................................................

(Also print name of signatory)

Alison Dunn......................................................

Telephone and extension number

020 7658 2959...............................................................

Note 1.     Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

Note 2.     The resultant total percentage holding of voting shares and rights
over shares is to be calculated by reference to the percentage held and in issue
outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section. Tel. No: 020 7638 0129.

Email:[e-mail]




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