Dividend Declaration

Shires Smaller Companies PLC
18 October 2001

News Release


18 October 2001


                                                      
                         Shires Smaller Companies plc
                            Third Interim Dividend



The Board of Shires Smaller Companies plc has declared a third interim
dividend of 3.0p per share in respect of the year to 31 December 2001 (third
interim 2000 2.0p) payable on 31 December 2001 to shareholders on the register
at close of business on 7 December 2001. The total of the three interim
dividends declared for the year to 31 December 2001 is 9.0p (2000 5.0p).



Shires Smaller Companies plc is managed by Glasgow Investment Managers
Limited.





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