RNS Number:5930O
Smaller Companies Inv Trust PLC
12 August 2003


The Smaller Companies Investment Trust PLC

12 August 2003



In accordance with the terms of the scheme of reconstruction set out in the
circular to shareholders in The Smaller Companies Investment Trust PLC (the
"Company") dated 7 July 2003 (the "Circular"), entitlements will be calculated
on the following basis:

Aberdeen UK Emerging Companies Unit Trust

Shareholders will receive 1.9183 Aberdeen Units for each Ordinary Share in the
Company in respect of which they elected (or are deemed to have elected) for the
Aberdeen Roll-over Option.

Units in Aberdeen UK Emerging Companies Unit Trust were issued to the relevant
shareholders on 11 August 2003.

Value Catalyst Fund Limited

Shareholders will receive 0.02645 VCF Shares for each Ordinary Share in the
Company in respect of which they elected for the VCF Roll-over Option.

Shares in the Value Catalyst Fund Limited were allotted on 11 August 2003 and
will be available for trading on 12 August 2003.

Immediate Cash Option

Shareholders will receive 179.60 pence for each Ordinary Share in the Company in
respect of which they elected for the Immediate Cash Option.

It is expected that cheques or telegraphic transfers in respect of cash
distributions under the Immediate Cash Option will be posted to the relevant
shareholders by 15 August 2003.

Realisation Option

Shareholders will retain an interest in assets representing 195.46 pence for
each Ordinary Share in respect of which they elected (or are deemed to have
elected) for the Realisation Option. Shareholders are reminded that the register
of holders of Reclassified Shares has closed and that dealings in the Ordinary
Shares have been suspended and accordingly holders will not be able to transfer
their Ordinary Shares. A monthly announcement will be made setting out the
Company's net asset value and including an indication of the levels of cash held
at that time.

Loan Stock

In accordance with the terms of the Loan Stock Instrument, the holders of the
Loan Stock will receive 231.967p per unit of Loan Stock in respect of their
capital entitlement and 0.1514p per unit of Loan Stock in respect of the
interest entitlement for the period 1 August 2003 to 8 August 2003. It is
expected that cheques or telegraphic transfers in respect of these entitlements
will be sent to the holders of the Loan Stock by 15 August 2003.

All defined terms in this announcement have the same meanings as set out in the
Circular.


Enquiries:

Robert Hoskin                                      020 7463 6000
Aberdeen Asset Management
David Benda                                        020 7621 5562

Close Brothers Securities
Liquidators (Ernst &Young LLP)                     020 7951 9150
(please ask to speak to Philip Heddell)


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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