Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC INTERIM MANAGEMENT STATEMENT For the Quarter Ended 31 January 2008 INVESTMENT OBJECTIVE The investment objective of the Company is to provide Ordinary shareholders with a high income and opportunity for capital growth. INVESTMENT POLICY The Company's funds will be invested principally in companies with a market capitalisation of up to £500 million; a maximum of 20 per cent. of the Company's portfolio may be invested in companies without reference to their market capitalisation at the discretion of the Investment Manager. The Company's portfolio will comprise companies listed on the Official List and companies admitted to trading on AIM. The Company will not invest in preference shares, loan stock or notes, convertible securities or fixed interest securities or any similar securities convertible into shares. The Company will not invest in other investment trusts or unquoted companies. KEY FACTS Net asset value (NAV) per Ordinary 150.73p* share Ordinary share price 132.00p (Discount)/Premium (12.4)% Gearing 142.5% PERFORMANCE - TOTAL RETURN For the 9 Month Period Ended 31 January 2008 NAV total return (39.5)%** Share Price total return (40.4)% FTSE All Share Index (8.8)% FTSE Small-Cap Index (22.5)% * Based on NAV including current period revenue. ** Based on NAV including current period revenue, adding back dividends paid in the period. MATERIAL DEVELOPMENTSANDTRANSACTIONS There have been no material events or transactions in the quarter. DISTRIBUTION OF ASSETS AND LIABILITIES As at 31 January 2008 £m % Listed and AIM traded investments Ordinary Shares 35.0 142.9 Net liabilities*** (10.5) (42.9) Net assets 24.5 100.0 *** The Company has borrowings of £10.4 million, included in the above figures. 20 LARGEST HOLDINGS % As at 31 January 2008 1 Braemar Shipping Services 4.26 2 Chesnara 3.54 3 Alumasc Group 3.46 4 ATH Resources 3.37 5 Highway Insurance Holdings 3.13 6 Arbuthnot Banking Group 2.93 7 Dawson Holdings 2.86 8 Nichols 2.79 9 Dee Valley Group 2.73 10 Macfarlane Group 2.70 11 Clarke (T) 2.48 12 Cattles 2.43 13 THB Group 2.34 14 Marshalls Group 2.33 15 TDG 2.33 16 Hilton Food Group 2.32 17 Portmeirion Group 2.23 18 BT Group 2.22 19 Sanderson Group 2.17 20 Davenham Group 2.13 54.75 Balance held in 40 holdings 45.25 100.00 Note: The Directors are not aware of any significant events or transactions which have occurred between the date of the financial information and the date of publication, which would have a material impact on the financial position of the Company. The net asset value is published on a weekly basis and other useful background information on the Company including downloads of published documentation such as previous Annual Reports and Monthly Fact Sheets can be found at www.chelvertonam.com. COMPANY INFORMATION Launch date: 12 May 1999 Results announced: Year end: 30 April Interim - December 2007 Final - July 2008 Dividend payments: June, September, December and March. Two interim dividends of 3.20p per ordinary share were paid on 28 September 2007 and 31 December 2007. In addition a fourth interim dividend for the year ended 30 April 2007 of 4.00p per Ordinary share was paid on 29 June 2007. A third interim dividend was declared on 27 February 2008 of 3.20p net per Ordinary share payable on 31 March 2008 to the holders of Ordinary shares on the register at 7 March 2008. Price information is published in the Financial Times under 'Investment Companies' and The Daily Telegraph under `Investment Trusts'. This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency rules. It should not be relied upon by any other party or for any other purposes. In addition, the views, information and data in this publication should not be deemed as a financial promotion or recommendation. Contact: William van Heesewijk - Chelverton Asset Management Limited Tel: 0207 222 8989
UK 100

Latest directors dealings