Director Shareholding

Shires Smaller Companies PLC
6 February 2001



                                 SCHEDULE 11

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company Shires Smaller Companies plc

2) Name of director C J F Arnander Esq


3) Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest

Director


4) Name of the registered holder(s) and, if more than one holder, the number
of shares held by each of them (if notified)

State Street Nominees Ltd A/c FE1P


5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)


6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

General PEP - reinvestment of dividends


7) Number of shares/amount of stock acquired

18 and 213

8) Percentage of issued class

0.00%

9) Number of shares/amount of stock disposed


10) Percentage of issued class


11) Class of security

Ordinary 50p shares

12) Price per share

202p and 197p

13) Date of transaction

29 November 2000 and 3 January 2001

14) Date company informed

6 February 2001

15) Total holding following this notification

21,565 (all beneficial)

16) Total percentage holding of issued class following this notification

0.10%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

18) Period during which or date on which exercisable

19) Total amount paid (if any) for grant of the option

20) Description of shares or debentures involved: class, number

21) Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise

22) Total number of shares or debentures over which options held following
this notification

23) Any additional information

24) Name of contact and telephone number for queries

Fiona McLean 0141 572 2700

25) Name and signature of authorised company official responsible for making
this notification

I H D Lynn


Date of Notification

6 February 2001