Purchase of Warrants - Details

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
29 Occtober 1999


The Board of Montanaro UK Smaller Companies Investment Trust PLC announces
that, following the invitation to warrantholders to tender their remaining
warrants for cancellation by the Company in return for an amount of 59.65p per
warrant, 63,587 warrants were tendered for cancellation.  In addition, the
trustee appointed by the Company accepted the tender invitation for the
remaining 173,497 warrants in issue.  As a result, there are no longer any
warrants in issue.