Issue of new Ordinary Shares - Update

Small Companies Dividend Trust PLC

Issue of new Ordinary Shares - Update

16 January 2014

This announcement follows that made by the Company to the market on 14 January
2014, whereby the Directors of Small Companies Dividend Trust PLC ("SCD Trust")
announced the issue of 300,000 new Ordinary Shares ranking pari passu in all
respects with the Ordinary Shares already in issue at an issue price of 189.5p
per Ordinary Share.

The New Shares are being issued for cash in order to meet investor demand. 

The new Ordinary Shares have been allotted by SCD Trust, subject to admission
to Listing and to dealings on the London Stock Exchange ("Admission").
Admission has been applied for and dealings in the new Ordinary Shares are
expected to commence at 8.00am on 17 January 2014.

The total number of Ordinary shares in issue following Admission will be
16,550,000.

The additional cash raised will be invested in SCD Trust's portfolio.

Enquiries:

Small Companies Dividend Trust PLC
William van Heesewijk
Chelverton Asset Management Investment Limited
Tel: [phone]