RNS Number:1007U
Smaller Companies Inv Trust PLC
12 January 2004



12 January 2004

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

Realisation Pool Net Asset Value at 31 December 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.

As at 31 December 2003 Shareholders who elected (or were deemed to have elected)
for the Realisation Option retained an interest in assets representing 78.08
pence for each Ordinary Share thus elected. Of this, 40.87 pence per share was
held in shares and securities, and 37.21 pence per share in cash (or near cash
assets). The total value of the Realisation Pool, including the first
distribution of 100 pence per share and the second distribution of 27.4 pence
per share, was therefore 205.48 pence per share at 31 December 2003.

This compares to the value of 195.47 pence per share at the liquidation date.

It is expected that the third distribution to Shareholders who elected (or were
deemed to have elected) for the Realisation Option of 23 pence per Share will be
made by 31 January 2004.

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

12 January 2004

Enquiries:

Andrew Prior,             Ernst & Young LLP
Ernst & Young LLP         1 More London Place, London SE1 2AF
                          Telephone 020 7951 9119
                          Fax 020 7951 9998


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

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