Alliance Trust urges investors to reject Elliott

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THE chairwoman of Alliance Trust sought to rally support yesterday to try and torpedo the bid by activist shareholder group Elliott Advisors to overhaul the board of the Dundee investment trust.

In a letter sent to all Alliance investors, Karin Forseke said they needed to consider who they “trust” to run the 126-year-old company.

Forseke says: “We have previously described Elliott and their affiliates as a business that seeks to influence companies to change their strategic direction through public and disruptive campaigns.

“As a hedge fund manager they do this to create value for their own investors and we believe they have very different perspectives from other shareholders of Alliance Trust.”

But, in an increasingly heated war of words, former Alliance non-executive director and current shareholder Tim Ingram also sent out a letter to shareholders yesterday urging them to back Elliott’s campaign to install three new directors on the Alliance board.

He said such an overhaul meant it would be better run and not “primarily in the interests of management” if these “three sound people” were elected.

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