XPF Xp Factory Plc

RNS No 344h
EUROPEAN SMALLER COMPANIES PLC
23rd December 1997

                        European Smaller Companies plc
                               (in Liquidation)

Further to the appointment of the Joint Liquidators at the Special General
Meeting on 5 December 1997 the Joint Liquidators have today made a first
distribution of 143.12p to Ordinary Shareholders and 65.05p to Warrantholders. 
The payments to Ordinary Shareholders and Warrantholders represents
approximately 98 per cent of the cash proceeds arising from the Liquidation.

The remainder of the cash proceeds will be distributed after paying the costs
of liquidation and settling all tax and other liabilities.  The precise timing
of this second distribution will depend upon the progress of the liquidation.

Enquiries:

Michael Denison, Coopers & Lybrand            0171 583 5000

Mark Lynam                                    0171 956 6600
Head of European Investment Funds
Dresdner RCM Global Investors

Tom Durie                                     0171 623 2323
de Zoete & Bevan


END

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