Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
10 December 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

2)  Name of director

K SIEM

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



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

J M FINN 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)

THE NEWLY ACQUIRED SHARES ARE HELD BY ASTON FINANCIAL INTERNATIONAL LIMITED.

MR SIEM IS CHAIRMAN, CHIEF EXECUTIVE, OFFICER AND SHAREHOLDER OF

SIEM INDUSTRIES INC.,THE ULTIMATE HOLDING COMPANY OF ASTON FINANCIAL
INTERNATIONAL LIMITED.

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

ACQUISITION


7)  Number of shares/amount of
    stock acquired

10,000 SHARES

8)  Percentage of issued class

0.08%

9)  Number of shares/amount
    of stock disposed



10) Percentage of issued class



11) Class of security

ORDINARY SHARES OF 5P EACH

12) Price per share

592p

13) Date of transaction

10 DECEMBER 2003

14) Date company informed


10 DECEMBER 2003

15) Total holding following this notification


35,000 SHARES ARE HELD BENEFICIALLY

20,000 SHARES ARE HELD NON-BENEFICIALLY

16) Total percentage holding of issued class following this notification


0.29%


If a director has been granted options by the company please complete the
following boxes

17) Date of grant



18) Period during which or date on which exercisable



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



20) Description of shares or debentures involved: class, number



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



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



23) Any additional information



24) Name of contact and telephone number for queries

BONITA DRYDEN - 020 7747 5681

25) Name and signature of authorised company official responsible for
    making this notification
    FOR AND ON BEHALF OF J O HAMBRO CAPITAL MANAGEMENT LIMITED AS COMPANY
SECRETARY OF

    NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC


    Date of Notification....10 DECEMBER 2003.............




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