Realisation Pool NAV

RNS Number:9968Q
Smaller Companies Inv Trust PLC
16 October 2003


16 October 2003


The Smaller Companies Investment Trust PLC (In Members' Voluntary Liquidation)


Realisation Pool Net Asset Value at 30 September 2003


In accordance with the terms of the scheme of reconstruction set out in the
circular to shareholders in The Smaller Companies Investment Trust PLC (the
"Company") dated 7 July 2003 (the "Circular") the monthly announcement of the
net asset value entitlement in respect of the Realisation Option is set out
below.


A first distribution of 100 pence per share was paid on 30 September 2003 to
Shareholders who elected (or were deemed to have elected) for the Realisation
Option.


As at 30 September 2003 Shareholders who elected (or were deemed to have
elected) for the Realisation Option retained an interest in assets representing
103.53 pence for each Ordinary Share thus elected. Of this, 86.25 pence per
share was held in shares and securities, and 17.28 pence per share in cash (or
near cash assets). The total value of the Realisation Pool, including the first
distribution, was therefore 203.53 pence per share at 30 September 2003.


This compares to the value of 195.47 pence per share at the liquidation date and
202.08 pence per share at 31 August 2003.


It is expected that the second distribution to Shareholders who elected (or were
deemed to have elected) for the Realisation Option of approximately 30 pence per
Share will be made by 15 November 2003.


Shareholders are reminded that the value of shares and securities held in the
Realisation Pool may rise or fall before they are realised, and neither the
Liquidators nor the Company give any warranty as to the eventual value of the
Realisation Pool. The Liquidators act as agents of the Company and without
personal liability.


Shareholders are also reminded that the register of holders of Reclassified
Shares has closed and that dealings in the Ordinary Shares have been suspended
and accordingly holders will not be able to transfer their Ordinary Shares. All
defined terms in this announcement have the same meanings as set out in the
Circular.


PJ Brazzill and ME Mills

Joint Liquidators

15 October 2003

Enquiries:

Andrew Prior,              Ernst & Young LLP
Ernst & Young LLP
                           Becket House, 1 Lambeth Palace Road, London SE1 7EU

                           Telephone [phone]

                           Fax [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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