Alliance Trust backs down to Elliott in last-minute compromise

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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 In return, Elliott has withdrawn its resolutions planned for tomorrow's annual general meeting and agreed to support the board and management "on all other resolutions".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...

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