Director/PDMR Shareholding

The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.

1 - Details of the person discharging managerial responsibilities / person closely associated
Name of natural person	Richard Davidson
2 - Reason for the notification
Position/status	Director
Initial notification/amendment	Initial Notification
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Aberforth Smaller Companies Trust plc
Legal Entity Identifier code	213800GZ9WC73A92Q326
4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Financial Instrument	Ordinary Shares
Identification Code	SEDOL: 0006655
Nature of transaction	Purchase
Date Of Transaction	18 November 2019
Price (s)	1,344.5151 pence
Volume(s)	7,350
Aggregated information	N/A
Place Of Transaction	London Stock Exchange, Main Market (XLON)
Currency	GBP - British Pound
5 - Total holding following this notification	20,350
Contact	Michael Campbell
	Aberforth Partners LLP, Secretaries
Date of Notification	18 November 2019