Source - LSE Regulatory
ABERFORTH SMALLER COMPANIES TRUST PLC Interim Management Statement for the three months to 31 March 2008 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 Hoare Govett Smaller Companies Index (Excluding Investment Companies) (HGSC (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 2008, the Company's net asset value fell by 8.3%. By comparison, the Company's benchmark, the HGSC (XIC) Index, fell by 6.3%. All figures are total returns. * As at 31 March 2008, the share price was 565p, representing a discount of 15.9% to the net asset value. * During the 3 months to 31 March 2008, the ASCoT purchased 90,140 shares for cancellation at an average price of 556.9p per share. * The second interim dividend in respect of the year to 31 December 2007 of 10.5p was paid on 21 February 2008. * At the Company's AGM held on 4 March 2008, 88.2% of Shareholders, represented by proxy or corporate representatives, voted in favour of the continuation of the Company. Shareholders votes, represented by proxy or corporate representatives, totalled 56,892,534 representing 57.6% of the Ordinary Shares in issue. Performance - Total Returns Periods to 31 March 2008 3 Months 6 Months 1 Year 3 Years ASCoT Share -2.0% -14.8% -26.2% 13.6% Price ASCoT NAV -8.3% -15.7% -20.6% 20.6% HGSC (XIC) -6.3% -11.9% -18.4% 33.0% Note: Past performance is not a guide to future performance Top 10 Holdings % of Total Assets less Current Liabilities As at 31 March 2008 Greggs 3.2 Shanks Group 2.8 Interserve 2.4 Spirax-Sarco Engineering 2.3 BSS Group 2.2 MITIE Group 2.1 Domino Printing Sciences 2.0 Hiscox 1.8 Robert Wiseman Dairies 1.8 Holidaybreak 1.8 ----- 22.4 Size Distribution across FTSE Indices As at 31 March 2008 HGSC (XIC) ASCoT % Total %Total FTSE 100 0.0 1.2 FTSE 250 67.7 40.6 FTSE SmallCap 26.8 48.5 FTSE Fledgling 3.1 7.7 Other 2.4 0.8 Cash/Liquidity 0.0 1.2 ----- ----- 100.0 100.0 Note: The HGSC (XIC) figures above are simulated and assume that the index was rebalanced on the above date. Financial Position As at As at 31 March 31 December 2008 2007 Fixed Assets: Investments at bid price #655.3m #710.9m Net Current Assets #7.9m #24.1m Total Shareholders' Funds #663.2m #735.0m Net Asset Value 668.46p 743.87p Share Price 565p 587p Discount 15.9% 21.1% Shares in Issue 98,719,648 98,809,788 Market Cap #557.8m #580.0m Gearing Nil Nil General Information Management Fee (p.a.) 0.80% Total Expense Ratio (p.a.) 0.86% Interim Dividend (paid August 07) 4.7p Second Interim Dividend (paid Feb 07) 10.5p Launch Date 10 December 1990 Further Information Further information regarding the Company, including recent share buybacks and the most recently published net asset value (including revenue reserves) of 692.78p as at close of business on 17 April 2008, can be found on the following website: www.aberforth.co.uk Contact David Holland (Tel: 0131 220 0733) Aberforth Partners LLP, Secretaries, 18 April 2008 END
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