Alliance Trust former chairman weighs in against activist Elliott Advisors
Alliance Trust’s former chairperson, Lesley Knox, is supporting her successor, Katherine Garrett-Cox, against activist shareholder Elliott Advisors, The Sunday Telegraph reported.
Knox wrote to the newspaper expressing her scepticism that Elliott is a long-term investor and adding that a buyback proposed by the activist would be detrimental to other shareholders in the UK-listed investment company.
The ex-chair stressed that she is investing in Alliance Trust for the long term to fund her pension and is seeking certainty of returns rather than volatile performance and a high level of investment risk, the item reported.
Elliott is nominating three new non-executives to the board of Alliance Trust and the matter will be put to a vote at the company’s annual general meeting on 29 April, the report said, adding that Knox stated she will vote not to elect the three nominees.
Alliance Trust is hoping to persuade its shareholders not to vote for Elliott’s proposals, and the company’s position is strengthened by Knox’s comments, the report said.
Sunday Telegraph