Top 10 Holdings

Shires Smaller Companies PLC
04 October 2004



SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 30 September 2004 the ten largest investments held were as
follows:

Company                                               £      % of Total Assets

Anglian Water 7.882% Bond                     2,720,250                    4.0
Fisher (James)                                2,687,850                    3.9
Luxfer Holdings 10.125% Bond                  2,212,500                    3.2
ATH Resources                                 2,146,314                    3.1
Woolworths (includes fixed interest stock)    2,095,000                    3.0
Dawson Holdings                               1,993,200                    2.9
DFS Furniture                                 1,835,000                    2.7
Menzies (J)                                   1,774,000                    2.6
XP Power                                      1,691,675                    2.5
British Vita                                  1,657,500                    2.4

Glasgow Investment Managers Limited
Secretaries
4 October 2004



                      This information is provided by RNS
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