Dividend Declaration

Shires Smaller Companies PLC
05 January 2005


News Release

5 January 2005

SHIRES SMALLER COMPANIES PLC

The Board of Shires Smaller Companies plc has declared a fourth interim dividend
of 4.75p per share in respect of the year to 31 December 2004 payable on 31
January 2005 to shareholders on the register at close of business on 14 January
2005. The total of the four interim dividends declared for the year to 31
December 2004 is 13.75p.

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




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