Dividend Declaration

Shires Smaller Companies PLC
18 April 2002


News Release
18 April 2002

                          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 2002 (first interim 2001
3.0p) payable on 28 June 2002 to shareholders on the register at close of
business on 24 May 2002.

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


End

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