Inviting to Tender Their Remaining Warrants

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
20 October 1999


     Montanaro UK Smaller Companies Investment Trust PLC (the 'Company')      
                                                                              
The Board of Montanaro UK Smaller Companies Investment Trust PLC announces
that it has today despatched a circular to warrantholders inviting them to
tender their remaining warrants for cancellation by the Company in return for
an amount of 59.65p per warrant payable by way of compensation.  The Company
has today appointed a trustee to exercise the subscription rights conferred by
the outstanding warrants or, alternatively, to accept the tender invitation. 
The tender offer will close on 27 October 1999.

Following the repurchase or exercise of the outstanding warrants, the Company
will be in a position to implement the shareholder authority granted at the
Annual General Meeting on 9 July 1999 to repurchase up to 14.86 percent of its
issued share capital.