Interim Management Statement

Shires Smaller Companies PLC 24 April 2008 AMENDMENT This announcement replaces earlier announcement of 23rd April at 10:38hrs (RNS No 9284S). The benchmark in the performance tables erroneosly stated that it was the FTSE All-Share and should have read the FTSE Small Cap Index (excl Investment Companies). Please see the corrected announcement below. Shires Smaller Companies plc Interim Management Statement - 3 months to 31 March 2008 To the members of Shires Smaller Companies plc This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose. This interim management statement relates to the period from 1 January 2008 to 31 March 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified. Investment objective To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities. Benchmark FTSE SmallCap Index (ex Investment Companies) Total Return Material events Ten largest equity holdings at 31 March 2008 % of portfolio Chesnara 3.5 Fisher (James) 3.4 Menzies (J) 3.2 Highway Insurance Holdings 2.7 Hill & Smith 2.7 F & C Asset Management 2.4 ATH Resources 2.3 Domino's Pizza 2.3 Impax 2.1 St. Ives 2.1 Total 26.7 Total number of investments 70 Sector allocation as at 31 March 2008 % Industrials 45.5 Financials 31.0 Consumer Services 11.4 Basic Materials 7.7 Consumer Goods 1.8 Technology 1.5 Utilities 1.1 Total 100.0 General description of Company's financial position and performance as at 31 March 2008 £m Gross Assets 72.9 Net assets 41.2 Equity Gearing 11.3% Total gearing 77.4% Cumulative performance (%)* as at 1 month 3 months 6 months 1 year 3 years 5 years 31/3/08 Share Price 152.8p -6.0 -15.4 -35.5 -44.7 -22.7 73.4 NAV 186.3p -8.4 -15.3 -26.3 -34.5 -5.6 89.6 FTSE Small Cap (excl Inv -6.3 -11.1 -22.2 -29.0 0.9 87.0 Coy) Discrete performance (%)* 31/3/08 31/3/07 31/3/06 31/3/04 31/3/05 Share Price -44.7 17.0 19.6 40.2 60.0 NAV -34.5 14.5 25.8 29.6 54.9 FTSE Small Cap (excl Inv Coy) -29.0 15.1 23.5 11.4 66.4 Total Return; NAV to NAV net income reinvested. GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data On 4 April 2008, the Company mailed out its Annual Report for the year to 31 December 2007. The Annual General Meeting will be held on 30th April 2008 at 12 noon at the offices of Aberdeen Asset Management plc, One Bow Churchyard, London, EC4M 9HH. On 14 April 2008 it was announced that Susan Anderson and Phil Webster had been appointed as co-managers of the Company. Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 March 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.shiressmallercompanies.co.uk. *Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested. For Shires Smaller Companies plc Aberdeen Asset Management plc, Secretary 23 April 2008 This information is provided by RNS The company news service from the London Stock Exchange
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