AGM Statement, etc

BRITISH SMALLER COMPANIES VCT PLC
16 July 1999

                      BRITISH SMALLER COMPANIES VCT plc
                               AGM Statement

                            Demand remains healthy
                      Stronger performance expected
                      
British  Smaller Companies VCT plc ('BSC') held its Annual General Meeting
at 12  noon  today.  All the resolutions were duly passed, including the
proposed cancellation of the share premium account.

The Chairman, Sir Andrew Hugh Smith, explained that subject to court
approval, this  move would allow the company to buy back its own shares
without reducing its ability to pay dividends.

'Our ability to buy back our shares will be helpful to individual
shareholders who  may  need  to sell their shares and avoid pressure in
the market  on  our share price,' he said.

Commenting  on  current activity, he said:  'Demand for risk  capital
remains healthy.  On  average  we  are in discussions with  some  20  or
so investee companies seeking about £15m at any one time.   We have also
begun to  see  an increase in the number of companies seeking to raise
money via the Alternative Investment Market.

'I  am  pleased to announce that the company has agreed to invest £200,000
in Landround  PLC,  the  AIM-quoted  travel promotions  company,  which
recently announced  a  25 per cent increase in pre-tax profits for the
six months  to March 31st 1999.

'This  is  an  exciting  investment  as Landround  continues  to  realise
its potential  for  attracting clients with innovative and cost-effective
travelthemed promotions.'

Looking ahead, he said:  'Economic indicators continue to look positive,
with further  signs of economic growth.  We look forward, therefore, to a
stronger performance   by  our existing portfolio of investments and to
making  further successful investments in the current year.'

For further information, please contact

Phil  Cammerman, Yorkshire Fund Managers           Tel: [phone]
Simon  Mountford, Simon Mountford Communications   Tel: [phone]
David  Hardy/ Simon Ellis, Binns & Co              Tel: [phone]