Re-purchase of warrants

ABERFORTH SMALLER COMPANIES TRUST plc

Aberforth  Smaller  Companies Trust plc announces that  today,  6  March
2003,  it  purchased  for cancellation, at a price  of  194.0p  each,  a
further 40,000 of its Warrants to subscribe for Ordinary Shares  of  1p.
Since the last notification on 18 May 2001, the Company has purchased  a
total of 691,500 Warrants. Following the cancellation of these Warrants,
there will be 963,311 Warrants remaining in issue.

Date of announcement - 6 March 2003.

Contact for enquiries:-

David Holland
Aberforth Partners
0131 220 0733