Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 July 2014

INVESTMENT OBJECTIVE AND POLICY

The investment objective of Small Companies Dividend Trust plc (the "Company")
is to provide Ordinary shareholders with a high income and opportunity for
capital growth, having provided a capital return sufficient to repay the
capital entitlement of the Zero Dividend Preference shares issued by the
subsidiary company, Small Companies ZDP Plc.

The Group's funds are invested principally in small capitalised UK companies.
The portfolio comprises companies listed on the Official List and companies
admitted to trading on AIM. The Group does not invest in other investment
trusts or in unquoted companies. No investment is made in preference shares,
loan stock or notes, convertible securities or fixed interest securities.

KEY FACTS

Net Asset Value (NAV) per Ordinary share*             181.31p  
Mid-market price per Ordinary share                   175.50p 
Discount                                                3.20%
                                                       
Net Asset Value (NAV) per Zero Dividend Preference    111.87p 
share                                        
Mid-market price per Zero Dividend Preference share   120.00p 
Premium                                                 7.27%
                                                       

* Based on NAV including current period revenue.

PERFORMANCE - TOTAL RETURN

For the quarter ended 31 July 2014

Total return on Group's net assets**            (2.67%)
Share Price total return                        (3.91%)
MSCI UK Small Cap Index total return            (2.85%)

** Based on NAV including current period revenue, adding back dividends paid in
the period.

MATERIAL DEVELOPMENTS AND TRANSACTIONS

There have been no material events or transactions in the period.

The Board is not aware of any significant events or transactions that have
occurred between 30 April 2014 and the date of publication of this statement
which would have a material impact on the financial position of the Company.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 31 July 2014
                                                           £m               % 
                                                                             
Listed and AIM traded investments - Ordinary shares      39.35         131.13
Investment in subsidiary                                  0.01           0.03
Net current assets                                        0.16           0.53
Zero Dividend Preference shares                          (9.51)        (31.69)

Net assets                                               30.01         100.00

20 LARGEST HOLDINGS                                                                            
As at 31 July 2014                             %
                                                
  1    Braemar Shipping                     2.86
  2    KCOM Group                           2.55
  3    Jarvis Securities                    2.25
  4    GVC Holdings                         2.21
  5    Acal                                 2.20
  6    Stadium Group                        2.11
  7    Marshalls                            2.04
  8    St Ives                              2.03
  9    Marstons                             2.01
  10   Clarke (T)                           1.99
  11   Randall & Quilter                    1.98
  12   Connect Group                        1.96
  13   Personal Group                       1.90
  14   MacFarlane Group                     1.86
  15   Tritax Big Box                       1.85
  16   Town Centre Securities               1.84
  17   Photo-Me International               1.83
  18   ISG                                  1.80
  19   Sanderson Group                      1.78
  20   Wilmington Group                     1.74
                                                
       Balance held in 56 holdings         59.21
                                          100.00
                                                

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                     Half Year - December 2014                         
                                       Final - July 2015                     

Dividend ex dividend dates: June, September, December and March.

For the year ended 30 April 2014, three interim dividends of 1.475p each, a
fourth interim of 2.40p and a special dividend of 2.75p per Ordinary share were
paid.

A first interim dividend was declared on 27 August 2014 of 1.575 p net per
Ordinary share payable on 18 September 2014 to the holders of Ordinary shares
on the register at 5 September 2014 with an ex-dividend date of 3 September 2014.

It is the Board's intention, over time, to move the dividend profile gradually
to a position where the four interim dividends paid are equal. This will be
achieved by maintaining the fourth interim dividend at the same level and
increasing the first, second and third dividends in future years to reflect
earnings.

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: [phone]

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contents of any website accessible from hyperlinks on the website (or any other
website) is incorporated into, or forms part of this announcement.