Net Asset Value(s)

Shires Smaller Companies PLC
03 May 2006






                    SHIRES SMALLER COMPANIES plc



The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 2 May 2006 was 271.6p.


This NAV has been prepared on the basis of guidance issued by the Association of
Investment Trust Companies (AITC). The AITC recommends Investments be valued at
bid price. In addition the Zero Coupon Finance the Company holds is now marked
to market instead of being measured at a constant cost to capital..





Shires Smaller Companies plc, an investment trust, is managed by Glasgow
Investment Managers Limited.



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