Top 10 Holdings

Shires Smaller Companies PLC
04 April 2006


4 April 2006



SHIRES SMALLER COMPANIES PLC



In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 31 March 2006 the ten largest investments held were as
follows:

Company                                                 £    % of Total Assets

Ecclesiastical Ins Off 8.625% Pref Shares       3,225,750                  3.6
Fisher (James)                                  3,160,500                  3.6
European Motor Holdings Ord                     2,840,625                  3.2
Go-Ahead Group Ord                              2,721,000                  3.1
Highway Insurance Hldgs Ord                     2,572,500                  2.9
Titan Europe Ord                                2,530,967                  2.8
Co-Operative Bank 9.25% Non-Cum Pref Shares     2,294,250                  2.6
McCarthy & Stone Ord                            2,201,375                  2.5
Menzies (J) Ord                                 2,126,000                  2.4
XP Power Ord                                    1,970,748                  2.2



Shires Smaller Companies plc is managed by Glasgow Investment Managers Limited



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