Company's principal activity is that of an Investment Trust. The
of the Company is to achieve a net asset value total return (with
reinvested) greater than on the Hoare Govett Smaller Companies Index
investment companies) over the long term by investing in a diversified
portfolio of small United Kingdom quoted companies. The Company is an
Company within the meaning of Section 266 of the Companies Act 1985.
Company has been approved by the HM Revenue and Customs as an
Trust for the purposes of Section 842 of the Income and Corporation
Act 1988, up to 31-Dec-2007. Investment management services are
by Aberforth Partners LLP for a fee calculated at one-fifth of one per
cent of the value of the total assets (plus VAT) less all liabilities
the Company payable quarterly in advance. The agreement is terminable
either party at any time by giving six months' notice.