Last checked at 
23 Sep 2008 09:14
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).
| (1) | An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. |
| (2) | An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24. |
| (3) | An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. |
| (4) | An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. |
Please complete all relevant boxes in block capital letters.
1. Name of the issuer
North Atlantic Smaller Companies Investment Trust PLC
2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a); or
(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or
(iii) both (i) and (ii)
Both
3. Name of person discharging managerial responsibilities/director
Oliver R Grace Jnr.
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
Director
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
Beneficial
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
Ordinary Shares of 5p each
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
Not advised
8 State the nature of the transaction
Purchase of Ordinary Shares
9. Number of shares, debentures or financial instruments relating to shares acquired
20,000 Ordinary shares of 5p each
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
negligible
11. Number of shares, debentures or financial instruments relating to shares disposed
N/A
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
N/A
13. Price per share or value of transaction
850p
14. Date and place of transaction
22 September 2008 - New York
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
195,429 Ordinary shares (1.32%)
321,135 units of Convertible Unsecured Loan Stock 2013
16. Date issuer informed of transaction
22 September 2008
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
17 Date of grant
………………………………
18. Period during which or date on which it can be exercised
………………………………
19. Total amount paid (if any) for grant of the option
………………………………
20. Description of shares or debentures involved (class and number)
………………………………
………………………………
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
………………………………
22. Total number of shares or debentures over which options held following notification
………………………………
23. Any additional information
………………………………
24. Name of contact and telephone number for queries
Bonita Guntrip - 020 7747 5681
Name and signature of duly authorised officer of issuer responsible for making notification
For and on behalf of J O Hambro Capital Management Limited as Company Secretary of North Atlantic Smaller Companies Investment Trust PLC
Bonita Guntrip - Client Company Secretary
………………………………
Date of notification
23 September 2008
………………………………