Director Shareholding - Amend

Perpetual UK Smaller Co's IT PLC
20 June 2001

 The issuer advises that the headline for the Perpetual UK Smaller Companies
Investment Trust Plc announcement released on 18 June 2001 at 16:37 under RNS
number 4531f should read 'Director Shareholding' and not 'Net Asset Value' as
       previously stated.  The full text shown below remains unchanged.

                                 SCHEDULE 11

HEADLINE:   NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1)         Name of company

PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC

2)         Name of director

A.L.M. O'HARE

3)        Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest

DIRECTOR'S SPOUSE

4)        Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

            RBSTB (Nominees) LIMITED

5)        Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

MRS L.A. O'HARE

6)        Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

            SAVINGS AND INVESTMENT PLAN

7)        Number of shares/amount of stock acquired

            38

8)        Percentage of issued class

            0.00%

9)        Number of shares/amount of stock disposed

            NOT APPLICABLE

10)      Percentage of issued class

            NOT APPLICABLE

11)      Class of security

            ORDINARY

12)      Price per share

            525.50P

13)      Date of transaction

15 JUNE 2001

14)      Date company informed

18 JUNE 2001

15)      Total holding following this notification

            14,826

16)      Total percentage holding of issued class following this notification

            0.11%

17)      Name of contact and telephone number for queries

            JO MILNER

            020 7454 3691

18)      Name and signature of authorised company official responsible for
making this notification



JONATHAN MCGUIRE

FOR PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST - SECRETARIES





Date of Notification

18 JUNE 2001