Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
21 September 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

R A HAMMOND-CHAMBERS

CHAIRMAN OF AMERICAN OPPORTUNITY TRUST PLC - A SUBSIDIARY OF NORTH ATLANTIC
SMALLER COMPANIES INVESTMENT TRUST PLC

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

AS IN 2 ABOVE

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

NOT DISCLOSED


5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)



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

2,000 SHARES


8)  Percentage of issued class

NEGLIGIBLE

9)  Number of shares/amount
    of stock disposed

N/A

10) Percentage of issued class

N/A

11) Class of security

ORDINARY SHARES OF 5P EACH

12) Price per share

715p


13) Date of transaction


21 SEPTEMBER 2004

14) Date company informed


21 SEPTEMBER 2004

15) Total holding following this notification


2,000 ORDINARY SHARES




16) Total percentage holding of issued class following this notification


NEGLIGIBLE


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 GUNTRIP - 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....21 SEPTEMBER 2004




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