Dividend Declaration

Shires Smaller Companies PLC
17 October 2003


News Release


17 October 2003



                          SHIRES SMALLER COMPANIES PLC

                             THIRD INTERIM DIVIDEND



The Board of Shires Smaller Companies plc has declared a third interim dividend
of 3.0p per share in respect of the year to 31 December 2003 (third interim
2002: 3.0p) payable on 31 December 2003 to shareholders on the register at close
of business on 5 December 2003. The total of the three interim dividends
declared for the year to 31 December 2003 is 9.0p (2002: 9.0p).


Shires Smaller Companies plc is managed by Glasgow Investment Managers Limited.



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