Transaction in Own Shares

Montanaro European Smaller C.TstPLC
15 April 2008


Montanaro European Smaller Companies Trust plc


TO:         RNS

DATE:       15 April 2008

SUBJECT:    Transaction in own securities


On 14 April 2008 Montanaro European Smaller Companies Trust plc ('the Company')
purchased 95,000 of its own ordinary shares of 50p, to be held in treasury, at a
price of 364p per share.


Following this purchase the Company's issued share capital consists of
17,448,260 ordinary shares of which 345,000 ordinary shares are held in
treasury. The total number of shares with voting rights in the Company is
17,103,260.


The above figure (17,103,260) 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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