First Interim Dividend

Shires Smaller Companies PLC
17 April 2003


News Release

17 April 2003



                          Shires Smaller Companies plc

                             First Interim Dividend



The Board of Shires Smaller Companies plc has declared a first interim dividend
of 3.0p per share in respect of the year to 31 December 2003 (first interim
2002: 3.0p) payable on 30 June 2003 to shareholders on the register at close of
business on 23 May 2003.


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


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