Transaction in Own Shares

Ivory & Sime UK Smlr.Co's Trust PLC
17 June 2004

               
To:          RNS

From:        Ivory & Sime UK Smaller Companies Trust plc

Date:        17 June 2004


Purchase of Own Securities


On 17 June 2004 Ivory & Sime UK Smaller Companies Trust plc bought 50,000 of its
own Ordinary Shares of 50p for cancellation at a price of £1.70 each. There are
21,553,260 shares in issue following this repurchase.


Gordon R Hay Smith

Company Secretary


Enquiries:     0131 465 1000



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