Director Shareholding

Perpetual UK Smaller Co's IT PLC
17 July 2001

                                 SCHEDULE 11



HEADLINE:   NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS





1)         Name of company



PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC



2)         Name of director



A.L.M. O'HARE



3)        Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest



DIRECTOR'S SPOUSE



4)        Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)



            RBSTB (Nominees) LIMITED





5)        Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)



MRS L.A. O'HARE



6)        Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary



            SAVINGS AND INVESTMENT PLAN



7)        Number of shares/amount of stock acquired



            43







8)        Percentage of issued class



            0.00%



9)        Number of shares/amount of stock disposed



            NOT APPLICABLE



10)      Percentage of issued class



            NOT APPLICABLE



11)      Class of security



            ORDINARY



12)      Price per share



            465.00p



13)      Date of transaction



16 JULY 2001



14)      Date company informed



17 JULY 2001



15)      Total holding following this notification



            14,869



16)      Total percentage holding of issued class following this notification



            0.11%



17)      Name of contact and telephone number for queries



JO MILNER

            020 7454 3691









18)      Name and signature of authorised company official responsible for
making this notification



JONATHAN MCGUIRE

FOR PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST - SECRETARIES





Date of Notification

17 JULY 2001