Investors in the Montanaro European Smaller Companies trust were today told to expect their second interim dividend of 2.75 pence per share on 1 April 2010.

The second dividend payment is for the financial year ended 31 March 2010 and is in place of a final dividend for the year-end.

Including the first interim dividend payment of 1.75 pence per share, paid on 8 January 2010, this takes the total dividend for the year to 4.50 pence per share, unchanged from the basic dividend level last year.

Last year, the investment trust also paid special dividends of 2.83 pence per share for recovery of VAT on investment management fees and associated interest.

The asset manager said that this would not be repeated this year. The fund has had a steady performance in terms of both yield and capital growth.

According to data from Financial Express, £100 invested in the company ten years ago would have grown to £163 as at 29 January 2010.

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