Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
29 May 2007



North Atlantic Smaller Companies Investment Trust PLC ('the Company')


Castle Acquisitions Plc ('Castle') announced on 25 May 2007 that it had
conditionally agreed to acquire the entire issued ordinary and preference share
capital of DM Technical Services Limited.  This acquisition is conditional upon
Castle's shareholders approving the proposals at an Extraordinary General
Meeting ('EGM') to be held on 18 June 2007.

The Company holds 22.9% of the ordinary issued share capital of DM Technical
Services Limited and approximately 25% of the preference shares. At the
Company's year end, 31 January 2007, the ordinary shares were valued in the
Company's portfolio at £10 per share or approximately £11.7 million. The offer,
if approved by Castle's shareholders at the EGM on 18 June 2007, would result in
an increase in the net assets of the Company of approximately £14.6 million or
75p per share.




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