Interim Management Statement

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)
                                    -------          -------            -------                    
Total Shareholders' Funds           £1,134m          £1,164m            £1,138m
                                    -------          -------            -------                     
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: [phone])
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.