Top Ten Investments

Shires Smaller Companies PLC
02 July 2004


SHIRES SMALLER COMPANIES PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Shires Smaller Companies
PLC announces that at 30 June 2004 the ten largest investments held were as
follows:

Company                                                 £   % of Total Assets

Anglian Water 7.882% Bond                       2,860,380                  4.1
Fisher (James)                                  2,762,100                  4.0
Woolworths (includes fixed interest stock)      2,664,244                  3.8
Pendragon                                       2,436,000                  3.5
Luxfer Holdings 10.125% Bond                    2,100,000                  3.0
Dawson Holdings                                 2,079,000                  3.0
ATH Resources                                   2,045,141                  2.9
Menzies (J)                                     1,870,000                  2.7
XP Power                                        1,749,860                  2.5
DFS Furniture                                   1,730,000                  2.5



Glasgow Investment Managers Limited
Secretaries
2 July 2004



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