Holdings in Investment Cos

Shires Smaller Companies PLC
05 January 2005


5 January 2005

SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 31 December 2004 the ten largest investments held were as
follows:

Company                                                       £          % of
                                                                        Total
                                                                       Assets

Anglian Water Bond                                    2,700,000           3.6
Fisher (James)                                        2,638,850           3.6
Woolworths (includes fixed interest stock)            2,599,560           3.5
ATH Resources                                         2,384,793           3.2
Luxfer Holdings Bond                                  2,262,500           3.1
Dawson Holdings                                       2,211,000           3.0
Menzies (J)                                           2,076,000           2.8
Balfour Beatty Cumulative Convertible Pref Shares     2,055,375           2.8
XP Power                                              1,907,175           2.6
Northgate                                             1,878,800           2.5


Shires Smaller Companies plc is managed by Glasgow Investment Managers Limited



                      This information is provided by RNS
            The company news service from the London Stock Exchange