Holding in Company

Aberforth Smaller Companies Tst PLC
21 May 2001

                                 SCHEDULE 10

                  NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company
Aberforth Smaller Companies Trust plc

2)   Name of shareholder having a major interest
Newton Investment Management Limited


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

Notification is in respect of a non-beneficial interest of the person named in
2 above.

4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them
Not Given

5)   Number of shares/amount of stock acquired
400,000

6)   Percentage of issued class
0.48%

7)   Number of shares/amount of stock disposed
N/A


8)   Percentage of issued class
N/A


9)   Class of security
Ordinary Shares of 1p


10)  Date of transaction
17 May 2001


11)  Date company informed
18 May 2001


12)  Total holding following this notification
10,124,743


13)  Total percentage holding of issued class following this notification

12.11%


14)  Any additional information

Included in this interest of 10,124,743 Ordinary Shares of 1p (12.11%) is the
interest of the Newton OEIC Income Fund of 2,712,000 Ordinary Shares of 1p
(3.24%).

15)  Name of contact and telephone number for queries
Angus McCallum - 0131 220 0733

16)  Name and signature of authorised company official responsible for
     making this notification
Gordon R. Young, for Aberforth Partners, Secretaries.


Date of notification - 21 May 2001