| Aberforth Smaller Companies Trust plc (“ASCOT”) |
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| The Net Asset Values (“NAVs”) per Ordinary Share for the above company as at the close of business on 10 July 2019 were:- |
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| Excluding current year Revenue = 1,312.30p |
| Including ALL Revenue = 1,336.54p |
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| ASCOT has bank debt facilities available to allow gearing of up to 10.4% of Shareholders’ Funds. Current gearing is 0.3%. There are currently 90,305,851 Ordinary Shares of 1p in issue. |
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| Contact: |
| Michael Campbell |
| For and on behalf of Aberforth Partners LLP, Secretaries |
| Telephone: 0131 220 0733 |
| 11 July 2019 |