Interim Management Statement

RNS Number : 5743S

Aberdeen Smaller Co's High Inc Tst

22 November 2011

 



Aberdeen Smaller Companies High Income Trust PLC

(formerly Shires Smaller Companies plc)

Interim Management Statement - 3 months to 30 September 2011

To the members of Aberdeen Smaller Companies High Income Trust PLC

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 purpose.

This interim management statement relates to the period from 1 July 2011 to 30 September 2011, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities.

Benchmark

FTSE SmallCap Index (ex Investment Companies) total return

Ten largest equity holdings at 30 September 2011

	% of net assets
RPC	3.2
Oxford Instruments	2.8
Fenner	2.7
Mothercare	2.5
XP Power	2.5
Weir	2.4
Chesnara	2.4
Morgan Sindall	2.3
Dechra Pharmaceuticals	2.3
Interserve	2.3
Total	25.4
Total number of investments	56

Sector allocation as at 30 September 2011

	%
Industrials	42.7
Consumer Services	25.1
Financials	12.3
Consumer Goods	8.6
Basic Materials	5.2
Technology	3.1
Health Care	3.0
Total	100.0

General description of Company's financial position and performance as at 30 September 2011

	£m
Gross Assets	39.8
Net assets	29.8
Equity Gearing	(0.7)%
Total Gearing	28.1%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2011
Share Price	108.3p	-12.7	-18.3	-17.9	-5.8	30.4	-33.9
NAV	133.0p	-6.8	-16.6	-13.1	-1.8	36.2	-27.0
FTSE SmallCap ex IC		-7.4	-14.4	-12.3	-4.5	19.1	-23.1

Discrete performance (%)

	30/09/2011	30/09/2010	30/09/2009	30/09/2008	30/09/2007
Share Price	-5.8	35.3	2.3	-51.6	4.8
NAV A	-1.8	31.4	5.5	-49.6	6.5
FTSE SmallCap ex IC	-4.5	-0.6	25.5	-38.4	4.8

Total Return; NAV to NAV net income reinvested. GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

Source: Aberdeen Asset Managers Limited, Factset, and Morningstar

^A Excluding current year revenue.

The Company has declared a third interim dividend of 1.50p per share in respect of the year to 31 December 2011 payable on 31 October 2011 to shareholders on the register at close of business on 14 October 2011.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 September 2011 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.aberdeensmallercompanies.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Aberdeen Smaller Companies High Income Trust PLC (formerly Shires Smaller Companies plc)

Aberdeen Asset Management PLC, Secretary

22 November 2011

 

END

 

 

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