Dividend Declaration

Shires Smaller Companies PLC
19 April 2001

News Release

19 April 2001


                         Shires Smaller Companies plc

                            First Interim Dividend

The Board of Shires Smaller Companies plc has declared a first interim
dividend of 3.0p per share in respect of the year to 31 December 2001 (first
interim 2000 1.5p) payable on 29 June 2001 to shareholders on the register at
close of business on 25 May 2001.

Shires Smaller Companies plc is managed by Glasgow Investment Managers
Limited.


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