AGM Statement

British Smaller Companies VCT PLC
28 July 2005


ANNUAL GENERAL MEETING AND NET ASSET VALUE

The Company announces that the Annual General Meeting was held on 26 July 2005 
and all the resolutions proposed were passed. The final dividend for the year 
of 2.2 pence per share will be paid to eligible shareholders on 5 August 2005.

The Chairman, Sir Andrew Hugh Smith, commented that the year to 31 March 2005 
had been one of significant growth in the net asset value of the Company. Since 
the year end, the Company has successfully sold its investment in Harlands of 
Hull Limited for proceeds representing 3.1 times the original investment. He 
said that the remaining portfolio continued to perform to the Board's 
satisfaction. Given a favourable economic climate over the coming year he 
expected further realisation opportunities to present themselves.

Sir Andrew said that the amount of money raised in the recent C share issue was
rather disappointing, but, given the current liquid resources available from
realisations, the Company has adequate cash in the short term to meet any
suitable investment opportunities that may arise. The C share monies will be
invested alongside the existing cash and will convert to Ordinary shares once
70% of C share funds have been utilised. He said that the Board is keeping all
future fund raising options under review.

Sir Andrew concluded by saying, 'The focus over the coming year is both to take
advantage of an increasing number of good quality investment opportunities and
to continue to enhance shareholder value from the existing portfolio.'

The Company reported that, at 30 June 2005, the net asset value per Ordinary
share was 84.3 pence (31 March 2005: 84.4 pence) and the net asset value per C
share was unchanged at 95 pence.

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