Director/PDMR Shareholding

Montanaro European Smaller C.TstPLC
12 March 2008

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).


(1)      An issuer making a notification in respect of a transaction relating to 
         the shares or debentures of the issuer should complete boxes 1 to 16, 
         23 and 24.
(2)      An issuer making a notification in respect of a derivative relating to 
         the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 
         16, 23 and 24.
(3)      An issuer making a notification in respect of options granted to a 
         director/person discharging managerial responsibilities should complete 
         boxes 1 to 3 and 17 to 24.
(4)      An issuer making a notification in respect of a financial instrument 
         relating to the shares of the issuer (other than a debenture) should 
         complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.



Please complete all relevant boxes in block capital letters.



1. Name of the issuer

Montanaro European Smaller Companies Trust plc

2. State whether the notification relates to (i) a transaction notified in
accordance with DR 3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as
extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)

Related to (iii)

3. Name of person discharging managerial responsibilities/director

John Lumsden

4. State whether notification relates to a person connected with a person
discharging managerial responsibilities/director named in 3 and identify the
connected person

John Lumsden

5. Indicate whether the notification is in respect of a holding of the person
referred to in 3 or 4 above or in respect of a non-beneficial interest

As 4and 15

6. Description of shares (including class), debentures or derivatives or
financial instruments relating to shares

Ordinary

7. Name of registered shareholders(s) and, if more than one, the number of
shares held by each of them

As 4

8 State the nature of the transaction

Market purchase

9. Number of shares, debentures or financial instruments relating to shares
acquired

John Lumsden 2,500 shares

Anna Lumsden 2,500 shares

10. Percentage of issued class acquired (treasury shares of that class should
not be taken into account when calculating percentage)

0.03%

11. Number of shares, debentures or financial instruments relating to shares
disposed

N/A

12. Percentage of issued class disposed (treasury shares of that class should
not be taken into account when calculating percentage)

N/A

13. Price per share or value of transaction

£3.475

14. Date and place of transaction

10/03/08

15. Total holding following notification and total percentage holding following
notification (any treasury shares should not be taken into account when
calculating percentage)

John Lumsden 22,500 Ordinary Shares 0.13%

Anna Lumsden 2,500 Ordinary Shares 0.015%

16. Date issuer informed of transaction

10/03/08

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes



17 Date of grant

18. Period during which or date on which it can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at the time of exercise

22. Total number of shares or debentures over which options held following
notification

23. Any additional information

24. Name of contact and telephone number for queries

Steven Ross, 020 7628 8000

Name and signature of duly authorised officer of issuer responsible for making
notification

Gordon Hay Smith, Company Secretary.

Date of 11/03/08

END




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