Transaction in Own Shares

Montanaro European Smaller C.TstPLC
17 December 2007



Montanaro European Smaller Companies Trust plc



TO:           RNS

DATE:         17 December 2007

SUBJECT:      Transaction in own securities



On 17 December 2007 Montanaro European Smaller Companies Trust plc ('the
Company') purchased 150,000 of its own ordinary shares of 50p, to be held in
treasury, at a price of 370p per share.



Following this purchase the Company's issued share capital consists of
17,448,260 ordinary shares of which 150,000 ordinary shares are held in
treasury. The total number of shares with voting rights in the Company is
17,298,260.



The above figure (17,298,260) may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules.





All Enquiries:



G R Hay Smith

F&C Investment Business Limited

Company Secretaries



Tel: [phone]

Fax: [phone]




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