Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer              Small Companies Dividend
of existing shares to which voting rights are                                  Trust plc
attached:                                                                               
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                          Yes
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in the acquisition of shares already issued to which voting rights are attached         
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                      Funds under the management
notification obligation:                                             of Midas Investment
                                                                          Management Ltd
                                                                                        
                                                               Pershing Nominees Limited
4. Full name of shareholder(s)                                <MDCLT> (1,128,755 shares)
 (if different from 3.):                                                                
                                                               Pershing Nominees Limited
                                                                <MDISA> (496,315 shares)
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                          21 March 2012
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                                          22 March 2012
                                                                                        
7. Threshold(s) that is/are crossed or                                       10 per cent
reached:                                                                                
                                                                                        


8. Notified details:                                                                                
                                                                                                    
A: Voting rights attached to shares                                                                 
                                                                                                    
Class/type   Situation previous             Resulting situation after the triggering transaction    
of           to the triggering                                                                      
shares       transaction                                                                            
                                                                                                    
                                                                                                    
if possible  Number            Number       Number    Number of voting       % of  voting rights    
using        of                of           of shares rights                                        
the ISIN     Shares            Voting                                                               
CODE                           Rights                                                               
                                            Direct    Direct    Indirect     Direct   Indirect      
                                                                                                     
                                                                                                    
             1,599,470         1,599,470    1,625,070           1,625,070             10.00%        
GB0006615826                                                                                        
                                                                                                    
                                                                                                    
B: Qualifying Financial Instruments                                                                 
                                                                                                    
Resulting situation after the triggering transaction                                                
                                                                                                    
Type of        Expiration        Exercise/             Number of voting             % of voting     
financial      date              Conversion Period     rights that may be           rights          
instrument                                             acquired if the                              
                                                       instrument is                                
                                                       exercised/ converted.                        
                                                                                                    
                                                                                                    
                                                                                                    
C: Financial Instruments with similar economic effect to Qualifying Financial                       
Instruments xv, xvi                                                                                 
                                                                                                    
Resulting situation after the triggering transaction                                                
                                                                                                    
Type of       Exercise price   Expiration  Exercise/  Number of voting rights  % of voting rights   
financial                      date        Conversion instrument refers to                   
instrument                                 period                                                   
                                                                                                                                                                             Nominal Delta        
                                                                                                    
                                                                                                    
Total (A+B+C)                                                                                       
                                                                                                    
Number of voting rights                            Percentage of voting rights                      
                                                                                                    
1,625,070                                          10.00%                                           
                                                                                                    

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                              
                                                                                        
                                                                                        
 Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                              With regard to the holdings disclosed under part 4 of this
13. Additional information:   announcement, the following should be noted in relation to
                              the shares held under Pershing Nominees Ltd:              
                                                                                           
                              Purchased, undelivered and post settlement date:          
                                                                                        
                              6,986 shares                                              
                                                                                        
                              Purchased, undelivered and pre-settlement date:           
                                                                                        
                              35,600 shares                                             
                                                                                        
14. Contact name:                                                        David Rodrigues
                                                                                        
15. Contact telephone number:                                              0161 228 1709