VES Vestpa

RNS No 0669f
VOYAGEUR EUROPEAN SMALLER COMPANIES TRUST
10th October 1997


      Voyageur European Smaller Companies Trust PLC
      ---------------------------------------------

The Board of Voyageur European Smaller Companies Trust
PLC ( the "Company") announces that, with effect from
today, it has appointed J O Hambro & Partners Limited
("J O Hambro") in place of Voyageur International Asset
Managers Limited as investment manager of the Company
pending implementation of the scheme of reconstruction
outlined in the announcement of 24 September 1997.

The arrangement with J O Hambro is terminable on one
week's notice by either party and will terminate
automatically without compensation on implementation of
the scheme of reconstruction.

A compensation payment will be made to Voyageur
International Asset Managers Limited and as part of the
reconstruction an equivalent contribution will be made by
J O Hambro.

Documentation setting out full details of the scheme of
reconstruction is expected to be sent to shareholders and
warrant holders within the next two weeks.


Enquiries
---------

Rutherford Manson Dowds
Gordon Neilly                 Tel: 0131 225 4727

J O Hambro & Partners Limited
Malcolm King                  Tel: 0171 222 2020

SBC Warburg Dillon Read
Howard Myles                  Tel: 0171 568 2140


END

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