Interim Management Statement

Aberforth Smaller Companies Trust plc Interim Management Statement for the three months to 31 March 2013 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 2013, the Company's net asset value rose by 15.0%. By comparison, the Company's benchmark, the NSCI (XIC), rose by 12.3%. All figures are total returns. * As at 31 March 2013, the share price was 801p, representing a discount of 11.7% to the net asset value. * During the 3 months to 31 March 2013, the level of gearing increased from 5.9% to 7.7%. * 135,000 shares were purchased for cancellation during the period under review for a total consideration of £996,000. As at 31 March 2013, there were 95,557,792 shares in issue. * A second interim dividend in respect of the year ended 31 December 2012 of 15.25p, an increase of 6.6%, was paid on 28 February 2013. * At the Annual General Meeting held on 5 March 2013, shareholders voted in favour of all ten resolutions. Performance - Total Returns Periods to 31 March 2013 3 Months 6 Months 1 Year 3 Years ASCoT Share Price +17.5% +24.4% +28.3% +61.3% ASCoT NAV +15.0% +18.9% +22.8% +57.2% NSCI (XIC) +12.3% +19.5% +23.5% +57.1% Note: Past performance is not a guide to future performance Top 10 Holdings % of Investment Portfolio As at 31 March 2013 CSR 3.2 St. Modwen Properties 2.3 e2v technologies 2.3 RPS Group 2.3 RPC Group 2.2 JD Sports Fashion 2.2 Northgate 2.2 Regus 2.2 Galliford Try 2.0 Spirit Pub Company 2.0 ----- 22.9 Size Distribution across FTSE Indices As at 31 March 2013 NSCI (XIC) ASCoT % Total %Total FTSE 100 - - FTSE 250 78.2 54.4 FTSE SmallCap 16.0 36.8 FTSE Fledgling 1.4 3.4 Other 4.4 5.4 ----- ----- 100.0 100.0 Financial Position As at As at 31 March 2013 31 December 2012 Fixed Assets: Investments at bid price £934.1m £813.3m Net Liabilities £(66.9m) £(45.1m) ------- ------- Total Shareholders' Funds £867.2m £768.2m Net Asset Value 907.46p 802.76p Share Price 801.0p 695.5p Discount 11.7% 13.4% Shares in Issue 95,557,792 95,692,792 Market Capitalisation £765.4m £665.5m Gearing 7.7% 5.9% General Information Management Fee (p.a.) 0.80% Ongoing charges (2012 -p.a.) 0.81% Launch Date 10 December 1990 Further Information Further information regarding the Company, including any share buybacks and the most recently published net asset value can be found on the following website: www.aberforth.co.uk Contact: David Holland (Tel: 0131 220 0733) Aberforth Partners LLP, Secretaries, 4 April 2013
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