Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
07 May 2004







                                  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)

27,500 OF THE NEWLY ACQUIRED SHARES ARE HELD BY ASTON FINANCIAL INTERNATIONAL
LIMITED AND 12,500 OF THE NEWLY ACQUIRED SHARES ARE HELD

BY THE NOREX 1989 PLC PENSION SCHEME, WHICH IS A PENSION SCHEME ASSOCIATED

WITH 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

40,000 SHARES

8)  Percentage of issued class

0.33%

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

22,000 SHARES PURCHASED AT 635p PER SHARE

18,000 SHARES PURCHASED AT 640p PER SHARE

13) Date of transaction

6 MAY 2004


14) Date company informed


6 MAY 2004


15) Total holding following this notification


62,500 SHARES ARE HELD BENEFICIALLY

32,500 SHARES ARE HELD NON-BENEFICIALLY

16) Total percentage holding of issued class following this notification


0.775%



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....7 MAY 2004.............




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