Elliott ups its stake in Alliance Trust ahead of vote

Elliott upped its voting stake in the company from around 5% to almost 10% after purchasing a number of new voting shares. Elliott was already the largest single shareholder in the FTSE 250 trust prior to purchasing its new stake. It currently has around a 12% holding in the company through a mixture of shares and derivatives. The US hedge fund has been campaigning to reform the trust. It has proposed three new non-executive directors for the board, which shareholders will vote on at the trust's AGM later this month. Elliott is highly critical of the performance and management style ...