Top Ten Holdings

Shires Smaller Companies PLC
04 January 2006


4 January 2006

SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 31 December 2005 the ten largest investments held were as
follows:

Company                                               £      % of Total Assets

Ecclesiastical Ins Off 8.625% Pref Shares     3,110,750                    3.5
Go-Ahead Group Ord                            2,445,000                    2.7
Titan Europe                                  2,316,905                    2.6
Fisher (James)                                2,280,000                    2.6
Dawson Holdings                               2,151,600                    2.4
Mitchells & Butlers Ord                       2,090,000                    2.3
Woolworths Bond                               2,045,000                    2.3
Menzies (J)                                   2,030,000                    2.3
European Motor Holdings Ord                   2,004,688                    2.3
Co-Operative Bank 9.25% Non-Cum Pref Shares   1,989,000                    2.2


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