Trustee Apptmt Prpsls, etc

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
27 September 1999


Montanaro UK Smaller Companies Investment Trust PLC (the 'Company')

The Board of Montanaro UK Smaller Companies Investment Trust announces that it
is considering proposals for the appointment of a trustee to enable the
compulsory exercise or acquisition of all of the outstanding warrants in the
Company.  It is expected that the interim results of the Company, for the six
months to 30 September 1999 will be announced on 15 October 1999 and that
details of the proposals for exercise or repurchase of warrants will be
released shortly afterwards.  

Following the exercise or repurchase of the outstanding warrants, the Company
will be in a position to implement the authority granted at the Annual General
Meeting on 9 July 1999 to repurchase up to 14.86 per cent of its issued share
capital.