Holding(s) in Company

North Atlantic Smlr Co Inv Tst PLC
14 June 2004

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company


     NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

2)   Name of shareholder having a major interest


     HBOS plc


3)   Please state whether notification indicates that it is in respect of  a
     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 ABOVE

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


    NOT DISCLOSED


5)   Number of shares/amount of stock acquired

   N/A
                                                              
6)   Percentage of issued class

     N/A

7)   Number of shares/amount of stock disposed

     NOT DISCLOSED

8)   Percentage of issued class


     NOT DISCLOSED

9)   Class of security

     ORDINARY SHARES OF 5p



10)  Date of transaction


     NOT DISCLOSED



11)  Date company informed

     14 JUNE 2004



12)  Total holding following this notification

     1,222,474 ORDINARY SHARES

13)  Total percentage holding of issued class following this notification

     9.976%

14)  Any additional information


THE PERCENTAGE HOLDING GIVEN ABOVE IS THE AGGREGATE NON-MATERIAL

INTEREST OF HBOS plc.

15)  Name of contact and telephone number for queries

BONITA DRYDEN 020 7747 5681


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 of North Atlantic Smaller Companies

Investment Trust PLC

Date of notification ..14 JUNE 2004





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