AGM Statement

British Smaller Companies VCT PLC
14 July 2003


               BRITISH SMALLER COMPANIES VCT plc ('the Company')

                                  14 July 2003



                        ANNUAL GENERAL MEETING STATEMENT


The Company announces that at the Annual General Meeting held on 11 July each of
the Ordinary and Special resolutions which had been proposed were duly passed
including the resolution to continue as a venture capital trust.


The Chairman, Sir Andrew Hugh Smith, reported that since the publication of the
accounts, the sale of our holding in T&D Packaging Limited had been completed
for a value which, including a deferred element, corresponds to the value set
out in the audited accounts. He said 'he remains encouraged by the overall
development of the portfolio' and 'expects further progress from many of our
investee companies.'


The company also announced that its net asset value per share was 69 pence per
share as at 30 June 2003 ( 65.3 pence per share as at 31 March 2003).











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