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Alliance and Elliott reach compromise on eve of AGM

Stock Markets Apr 28, 2015 07:42
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© Reuters. Alliance and Elliott reach compromise on eve of AGM
 
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LONDON (Reuters) - Alliance Trust (L:ATST) has achieved a last-minute compromise with activist Elliott Advisors following the rebel investor's contentious campaign to add three new directors to its board.

On the eve of the shareholder vote on Elliott's proposed boardroom reshuffle, Alliance has agreed to appoint two of Elliott's nominees, Anthony Brooke and Rory Macnamara, to the board following customary regulatory approvals.

The New York-based hedge fund, the largest shareholder in the 127-year old trust, has agreed to withdraw its three resolutions from the Annual General Meeting and has committed to support the Board and management on all other resolutions.

Both parties have also agreed on a number of"non-disparagement undertakings" and that Elliott will seek to agitate against the Company, its Board or management publicly until after the Company's 2016 AGM at the earliest.

"Having considered this feedback we have worked with Elliott to find a compromise which we believe is in the best interests of all our shareholders," Karin Forseke, Chairwoman of Alliance, said in a statement.

Alliance and Elliott reach compromise on eve of AGM
 

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