Elliott ups its stake in Alliance Trust ahead of vote

Alice Rigby
clock

Elliott Advisors has increased its voting stake in Alliance Trust in the run up to the trust's annual general meeting later this month.

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment Trusts

Investment trusts close 2023 with 4.6% performance boost

Investment trusts close 2023 with 4.6% performance boost

Numis research into investment company universe

Cristian Angeloni
clock 04 January 2024 • 3 min read
What Q1 2023 and beyond could hold in store for markets

What Q1 2023 and beyond could hold in store for markets

Look at the road ahead, not the flies hitting the windscreen

Andrew Bell
clock 22 December 2022 • 8 min read
Fundsmith Emerging Equities trust proposes liquidation

Fundsmith Emerging Equities trust proposes liquidation

£323m Fundsmith Emerging Equities trust performance ‘fallen below expectations’

James Baxter-Derrington
clock 14 September 2022 • 1 min read