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: 0207 222 8989 Neither the contents of Chelverton Asset Management Limited's website nor the contents of any website accessible from hyperlinks on the website (or any other website) is incorporated into, or forms part of this announcement.
UK 100