AGM Statement

British Smaller Companies VCT PLC
22 July 2002


For Immediate Release                                           22 July 2002


                         British Smaller Companies VCT plc

                             Chairman's AGM Statement


British Smaller Companies VCT plc ('the Company') held its Annual General
Meeting in London at noon today.  All resolutions were duly passed.

Speaking at the meeting, the Chairman, Sir Andrew Hugh Smith, commented:

'The Board is continuing its policy of being very selective in the companies in
which it chooses to invest.   We are building the portfolio with a mix of '
traditional' and 'new' economy businesses, with a view to realising significant
capital growth in the medium to long term.'

'Since the announcement of our year-end results the markets have continued to be
highly volatile and economic and other uncertainties are dominating sentiment.
This has no direct impact on your Company's portfolio but indirectly the effect
on confidence generally is a matter of concern.'

Introducing the Special Resolutions, Sir Andrew Hugh Smith commented that, in
view of the current level of discount on NAV represented by the share price, the
Company would make more active use of its buyback powers.



For further information, please contact:

Phil Cammerman
Yorkshire Fund Managers Ltd                Tel: [phone]

David Hardy
Binns & Co                                 Tel: [phone]

Simon Mountford
Simon Mountford Communications             Tel: [phone]




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