Director Shareholding

    SCHEDULE 11
                                    
NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
                                    
1) Name of company

Aberforth Smaller Companies Trust plc


2) Name of director

William Y. Hughes


3) Please state whether notification indicates that it is in respect of
 holding of the shareholder named in 2 above or in respect of a non-
beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in
respect of a non-beneficial interest

Holding in respect of Director's spouse


4) Name of the registered holder(s) and, if more than one holder, the
 number of shares held by each of them (if notified)

William Young Hughes     - 3,000 shares
Anne MacDonald Hughes    - 33,000 shares


5) Please state whether notification relates to a person(s) connected
 with the Director named in 2 above and identify the connected person(s)

Director's spouse


6) Please state the nature of the transaction. For PEP transactions
 please indicate whether general/single co PEP and if discretionary/non
 discretionary

Purchase


7) Number of shares/amount of stock acquired

5,000


8) Percentage of issued class

0.01%


9) Number of shares/amount
 of stock disposed

N/A


10) Percentage of issued class

N/A


11) Class of security

Ordinary Shares of 1p


12) Price per share

417p



13) Date of transaction

22 January 2004


14) Date company informed

22 January 2004


15) Total holding following this notification

36,000 Ordinary Shares of 1p


16) Total percentage holding of issued class following this notification

0.04%

If a director has been granted options by the company please complete
the following boxes


17) Date of grant

N/A


18) Period during which or date on which exercisable

N/A


19) Total amount paid (if any) for grant of the option

N/A


20) Description of shares or debentures involved: class, number

N/A


21) Exercise price (if fixed at time of grant) or indication that price
 is to be fixed at time of exercise

N/A


22) Total number of shares or debentures over which options held
 following this notification

N/A


23) Any additional information

N/A


24) Name of contact and telephone number for queries

David Holland 0131 220 0733


25) Name and signature of authorised company official responsible for
 making this notification

David Holland

Date of Notification

22 January 2004