Dividend Declaration

Shires Smaller Companies PLC
14 August 2003


News Release

14 August 2003



                          Shires Smaller Companies plc

                            Second Interim Dividend



The Board of Shires Smaller Companies plc has declared a second interim dividend
of 3.0p per share in respect of the year to 31 December 2003 (second interim
2002: 3.0p) payable on 30 September 2003 to shareholders on the register at
close of business on 5 September 2003.


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


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