Director Shareholding

Aberforth Smaller Companies Tst PLC
9 March 2001

                                 SCHEDULE 11

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company


Aberforth Smaller Companies Trust plc

2)  Name of director

Dr Finlay MacKenzie

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in respect
of a non-beneficial interest

Notification is in respect of Director's own holding.

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)

Torrie Nominees Ltd A/C Fastrade

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

N/A

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

Market Sale

7)  Number of shares/amount of
    stock acquired

N/A

8)  Percentage of issued class

N/A

9)  Number of shares/amount
    of stock disposed

21,000

10) Percentage of issued class

0.7%

11) Class of security

Warrants to Subscribe for Ordinary Shares of 1p

12) Price per share

235p

13) Date of transaction

8 March 2001

14) Date company informed

9 March 2001

15) Total holding following this notification

14,000

16) Total percentage holding of issued class following this notification

0.5%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

N/A

18) Period during which or date on which exercisable

N/A

19) Total amount paid (if any) for grant of the option

N/A

20) Description of shares or debentures involved: class, number

N/A

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

N/A

22) Total number of shares or debentures over which options held
    following this notification

N/A

23) Any additional information

None

24) Name of contact and telephone number for queries

Gordon Young 0131 220 0733

25) Name and signature of authorised company official responsible for
    making this notification



Gordon Young

Date of Notification



9 March 2001