RNS Number:1727Q
NCL Smith & Williamson
25 September 2003

                                                      FORM SAR 5


                                       Date of disclosure........25/09/03

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of sale........24/09/03................................................

Sale of.............OSPREY SMALLER COMPANIES INC FUND........(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY 10P........      10,000..........shares    .....................
                              ................rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    2,244,745 SHARES = 15.99%  ...............(    %)   15.99.......(    %)


(3) Party making disclosure.....NCL SMITH & WILLIAMSON......................  

(4)  (a)  Name of person selling shares or rights over shares 
          NCL SMITH & WILLIAMSON 
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory).....DAVID KITTO-SMITH .......................

Telephone and extension number.....0207-776-1820............................


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.


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

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