Statement re novation

North Atlantic Smlr Co Inv Tst PLC
06 November 2003



North Atlantic Smaller Companies Investment Trust PLC


The Board today announces that it has approved the novation of the existing
investment management contract to North Atlantic Value LLP, a limited liability
partnership incorporated under the Limited Liability Partnerships Act 2000 and
regulated by the Financial Services Authority in the conduct of its investment
business.  All terms of the investment contract remain the same.   The LLP is
part of the J O Hambro Capital Management Group.  No change is made to the
company secretarial or administrative arrangements.







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