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

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