Top Ten Investments

Shires Smaller Companies PLC
04 April 2005


4 April 2005

SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 31 March 2005 the ten largest investments held were as
follows:

Company                                                  £   % of Total Assets

Fisher (James)                                   2,905,850                 3.7
Woolworths (includes fixed interest stock)       2,782,872                 3.5
Anglian Water Bond                               2,700,000                 3.4
Dawson Holdings                                  2,395,800                 3.0
Menzies (J)                                      2,284,000                 2.9
XP Power                                         2,144,225                 2.7
Balfour Beatty Cumulative Convertible Pref       2,112,750                 2.7
Shares
British Vita                                     1,949,750                 2.5
Ecclesiastical Ins Off 8.625% Pref Shares        1,905,000                 2.4
Co-Operative Bank 9.25% Non-Cum Pref Shares      1,893,375                 2.4

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