Director/PDMR Shareholding

North Atlantic Smlr Co Inv Tst PLC
01 September 2005

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



......NORTH ATLANTIC SMALLER COMPANIES INVESTMENT 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)



......(ii)..............................



3. Name of person /director



......CHRISTOPHER HARWOOD BERNARD MILLS..............................



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



......DIRECTOR..............................



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



......DIRECTOR'S BENEFICIAL HOLDING..............................



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



ORDINARY SHARES OF 5P EACH..............................



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



......BANK OF NEW YORK NOMINEES LIMITED..............................

....................................



8 State the nature of the transaction



CONVERSION OF UNSECURED LOAN STOCK 2013



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



......50,000 UNITS OF CONVERTIBLE UNSECURED LOAN STOCK 2013 CONVERTED INTO
50,000 ORDINARY SHARES OF 5P EACH..............................



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



......0.37% (ISSUED SHARE CAPITAL OF 13,313,427 ORDINARY SHARES)...............
...............



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



N/A



14. Date and place of transaction



11  JULY 2005, LONDON..............................



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



......2,670,899 ORDINARY SHARES (20.06%)..............................



16. Date issuer informed of transaction



......1 SEPTEMBER 2005..............................



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



......BONITA GUNTRIP 020 7747 5681..............................



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



FOR AND ON BEHALF OF J O HAMBRO CAPITAL MANAGEMENT LIMITED AS

COMPANY SECRETARY OF NORTH ATLANTIC SMALLER COMPANIES INVESTMENT

TRUST PLC



BONITA GUNTRIP, ASSISTANT COMPANY SECRETARY..............................



Date of notification



1 SEPTEMBER 2005....................................

END


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