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Smaller Companies Dividend geared into market fall

Over the six months to the end of October 2014, the gearing effect provided by its zero dividend preference shares worked against Smaller Companies Dividend Trust as small cap. values fell. The MSCI Small Cap. Index fell in value by 3.1% over the period while Smaller Companies Dividend Trust’s net asset value fell by 5.9%. The share price fell by 10.4% as the company’s discount widened from 1.9% to 6.6%.

Two quarterly dividends of 1.575p have been declared – up from 1.475p for the equivalent period last year. They expect to maintain this level of dividend for the third quarter and the Board are working towards paying four equal dividends a year rather than paying a larger final.

They bought two new IPOs – Epwin Group and Shoe Zone

SDV : Smaller Companies Dividend geared into market fall

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