Director Shareholding

North Atlantic Smlr Co Inv Tst PLC
08 October 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

THE HON PEREGRINE D E M MONCREIFFE

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)



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

20,000 OF THE NEWLY ACQUIRED UNITS OF LOAN STOCK ARE HELD BY A PENSION ACCOUNT
WITH WINTERTHUR LIFE ON BEHALF OF THE HON PEREGRINE MONCREIFFE AND THE REMAINING 
5,000 NEWLY ACQUIRED UNITS OF LOAN STOCK ARE HELD BY THE TRUSTEES OF A TRUST ON 
BEHALF OF THE WIFE OF THE HON PEREGRINE MONCREIFFE.

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

25,000 UNITS OF CONVERTIBLE UNSECURED LOAN STOCK 2013

8)  Percentage of issued class

0.36%

9)  Number of shares/amount
    of stock disposed

NOT APPLICABLE

10) Percentage of issued class

NOT APPLICABLE

11) Class of security

CONVERTIBLE UNSECURED LOAN STOCK 2013

12) Price per share

751.5p

13) Date of transaction

7 OCTOBER 2004

14) Date company informed

8 OCTOBER 2004

15) Total holding following this notification

123,000 ORDINARY SHARES

52,000 UNITS OF CONVERTIBLE UNSECURED LOAN STOCK 2013

16) Total percentage holding of issued class following this notification

123,000 ORDINARY SHARES IS 0.95% OF THE ISSUED CLASS

52,000 UNITS OF CONVERTIBLE UNSECURED LOAN STOCK 2013 IS 0.74% OF THE ISSUED
CLASS.

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....8 OCTOBER 2004




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