Aberforth Smaller Companies Trust plc
Interim Management Statement for the periods to 31 March 2014 and 30 June 2014
Investment Objective
The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to
achieve a net asset value total return (with dividends reinvested) greater than
on the Numis Smaller Companies Index (Excluding Investment Companies) (NSCI
(XIC)) over the long term.
Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.
Features
* During the 3 months to 31 March 2014, the Company's net asset value rose by
3.7%. By comparison, the Company's benchmark, the NSCI (XIC), rose by 3.5%.
Over the 6 months to 30 June 2014, the Company's net asset value rose by 1.0%
though the benchmark fell by 0.6%.All figures are total returns.
* 18,000 shares were purchased for cancellation on 30 June 2014 for a total
consideration of £188,000.
* The Board declared an interim dividend for the year ending 31 December 2014
of 7.75p, an increase of 5.4%, which will be paid on 28 August 2014. In
addition, a final dividend in respect of the year ended 31 December 2013 of
16.15p, an increase of 5.9%, was paid on 6 March 2014.
* At the Annual General Meeting held on 27 February 2014, shareholders voted
in favour of all 14 resolutions.
Financial Position As at As at As at
30 June 2014 31 March 2014 31 December 2013
Fixed Assets: Investments £1,166m £1,191m £1,168m
at bid price
Net Liabilities £(32m) £(27m) £(30m)
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Total Shareholders' Funds £1,134m £1,164m £1,138m
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Net Asset Value 1189.50p 1220.69p 1,193.22p
Share Price 1046.00p 1131.00p 1,095.00p
Discount 12.1% 7.3% 8.2%
Shares in Issue 95,364,792 95,382,792 95,382,792
Market Capitalisation £998m £1,079m £1,044m
Gearing 2.8% 2.3% 2.6%
General Information
Ongoing charges (2013 -p.a.) 0.79%
Launch Date 10 December 1990
Further Information
Further information regarding the Company, including any share buybacks, the
most recently published net asset value and the monthly factsheet can be found
on the following website: www.aberforth.co.uk
Contact
David Holland (Tel: 0131 220 0733)
Aberforth Partners LLP, Secretaries,
25 July 2014
Note
This information has been provided in satisfaction of obligations under DTR 4.3
noting that the data for the period ended 31 March 2014 has been submitted
late.