AGM Statement

British Smaller Companies VCT PLC
23 July 2004


BRITISH SMALLER COMPANIES VCT PLC ('the Company')

ANNUAL GENERAL MEETING

The Company announces that the Annual General Meeting was held on 22 July 2004
and all the resolutions proposed were passed.

Commenting on progress in the first quarter of the new financial year, the
Chairman, Sir Andrew Hugh Smith, said, 'The directors are satisfied with the
progress of a number of our investee companies. In continuance of our policy to 
report net asset values on a quarterly basis, the latest net asset value per
share, as at 30 June 2004, is 72.2p, broadly similar to the year end figure. We
anticipate an increase in net asset value during the remainder of the year.'

One of the investee companies, Cozart plc, has successfully completed an IPO.
Cozart is a medical diagnostics company which develops, manufactures and sells
immunodiagnostic tests, predominantly those used for the detection of drugs of
abuse. It is a major supplier of these tests to the Home Office. First dealings 
in Cozart shares will commence on Monday 26 July.

ENDS



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