Result of EGM

FOREIGN & COLONIAL U.S. SMALLER COMPANIES PLC 12 July 1999 Foreign & Colonial U.S. Smaller Companies PLC (the 'Company') The Board of Foreign & Colonial U.S. Smaller Companies PLC announces that at the extraordinary general meeting of the holders of ordinary shares and the meeting of holders of warrants held today, the resolutions put to the meetings, seeking the authority for the Company to purchase up to 14.9 per cent. of its own ordinary shares and making the consequential amendments to the Articles of Association, were duly passed. The Board confirms that it intends to enhance the value of shareholders' and warrant holders' investments through pro- active share buy-backs. The buy back will be conducted actively through Cazenove & Co., brokers to the Company, with the aim of reducing the discount to net asset value at which the shares trade and enhancing the net asset value per share. The Board has resolved that the objective of the active buy back will be to progressively close the discount, initially at least within single figures. The Board will seek further authority to buy back shares when required. The net asset value per share as at the close of business on 9th July, 1999 was 218.52p. Enquiries: Jeremy Tigue, Foreign & Colonial Management Limited 0171 628 8000 Angus Gordon Lennox, Cazenove & Co. 0171 588 2828
UK 100

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