Holding in Company

North Atlantic Smlr Co Inv Tst PLC
12 December 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

North Atlantic Smaller Companies Investment Trust Plc

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

Merchant Investors Assurance Company Limited

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

As in 2.

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

The Bank of New York (Nominees) Limited

5)   Number of shares/amount of stock acquired.

100,000

6)   (0.93%) of issued Class

7)   Number of shares/amount of stock disposed

N/A

8)   (N/A%) of issued Class

9)   Class of security

Ordinary Shares of 5p

10)  Date of transaction

11 November 2000

11)  Date company informed

12 November 2000

12)  Total holding following this notification

403,492 shares
               
              
13)  Total percentage holding of issued class following this notification

3.743%

14)  Any additional information



15)  Name of contact and telephone number for queries

Rachel Butlin   
020 7747 5680

16)  Name and signature of authorised company official responsible for 
     making this notification

     For and on behalf of J O Hambro Capital Management Limited As 
     Company Secretary

     Date of Notification ...12 December 2000