Alliance Trust

RIT has until 27 June to make a formal offer

Hand over CEO role of ATI in March

Search for external candidate

Garrett-Cox to step down from board

Alliance Trust has appointed two new non-executive directors, including former chief executive of Ignis Asset Management Chris Samuel.

ShareSoc, the UK proxy group for individual shareholders, has launched an action group to represent the interests of unhappy Alliance Trust investors and urge the board to launch a strategic review.

Alliance Trust's agreement to appoint two of the non-execs proposed by Elliott Advisors has been proclaimed a victory for the hedge fund, but the trust's future direction remains up in the air.

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.

Aberdeen Asset Management and Legal & General Investment Management have added their support to Elliott Advisors in the war with Alliance Trust.

Another shareholder body has added its voice to the growing number recommending that Alliance Trust shareholders support the changes put forward by Elliott Advisors.