Directorate Change

Shires Smaller Companies PLC
02 July 2003


News Release

2 July 2003





Shires Smaller Companies plc


Due to ill health John Stubbs has stepped down as Chairman of Shires Smaller
Companies plc for the time being.  Until John Stubbs is fit to resume his
duties, the Board have appointed Harry S Cathcart, a Director of the Company
since 1995, as Acting Chairman with immediate effect.


Shires Smaller Companies plc is managed by Glasgow Investment Managers Limited


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