Holding(s) in Company

Montanaro UK Smaller Companies Investment Trust PLC The Company was informed on 5 July 2004 that, following the sale of 3,100,000 Ordinary shares, Merchant Investors Assurance Company Ltd no longer has a notifiable interest in the shares of the Company. Merchant Investors Assurance Company Ltd is owned by Sanlam Netherlands Holdings BV, which is the European holding Company of the Sanlam Group. 6 July 2004
UK 100

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