Substantial Shareholding

BFS Small Co Div Tst PLC
29 June 2000


BFS SMALL COMPANIES DIVIDEND TRUST PLC

The Company was today informed by Exeter Asset Management Limited that Exeter
Enhanced Income Fund Limited sold 150,000 Ordinary shares on 28 June 2000.
Exeter Enhanced Income Fund Limited now holds 600,000 Ordinary shares in the
Company, representing 3.81% of the issued class of share.


Following this transaction portfolios under the management of Exeter Asset
Management Limited hold in aggregate 3,000,000 Ordinary shares, 19.05% of the
issued class of capital. The breakdown of the holdings is as follows:

                                      Ordinary       % of issued
                                     25p shares     class of share

Dartmoor Investment Trust plc        1,750,000        11.11

Exeter Enhanced Income Fund Ltd        600,000         3.81

Exeter High Income Unit Trust          650,000         4.13