Alliance Trust backs down to Elliott in last-minute compromise

clock

Alliance Trust has partially given way to Elliott Advisors' demands just a day before its AGM, agreeing to appoint two new non-execs to its board.

Having spent weeks contesting Elliott's proposals to add three non-executives to its board, the trust said this morning it has reached an agreement with the activist investor. Alliance Trust will now appoint two of the hedge fund's proposed candidates - Anthony Brooke and Rory Macnamara - with the board continuing to search for a third non-executive on a separate basis. In return, Elliott has withdrawn its resolutions planned for tomorrow's annual general meeting and agreed to support the board and management "on all other resolutions". The board and Elliott have also agreed on "mu...

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

Darius McDermott: What will be the catalyst for real assets?

Darius McDermott: What will be the catalyst for real assets?

Real assets are providing increasingly important in the AI boom

Darius McDermott
clock 07 June 2024 • 4 min read
Cat among the pigeons: Are 'world' indicies really global?

Cat among the pigeons: Are 'world' indicies really global?

When will I see my picture in the paper?

Chris Justham
clock 06 June 2024 • 2 min read
FIF 2024: IFAs 'critical' first link in sustainable investment shift

FIF 2024: IFAs 'critical' first link in sustainable investment shift

Current investment management operating model ‘not fit for purpose’

Jenna Brown
clock 05 June 2024 • 5 min read