Net Asset Value(s)

Shires Smaller Companies PLC
12 October 2005


                       SHIRES SMALLER COMPANIES plc


The Net Asset Value (NAV) of Shires Smaller Companies plc as at close of
business on 11 October 2005 was 243.8p.

This NAV has been prepared under the Company's existing accounting policies and
not International Accounting Standards.


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