LONDON (Reuters) - Alliance Trust (L:ATST) on Friday urged its shareholders to disregard a form sent out by activist hedge fund Elliott Advisors seeking their support for a boardroom shake-up, as the deadline for a vote nears.
Elliott wants their support in a planned vote at the company's annual general meeting on April 29 to elect three independent non-executive directors of its choice, after it raised concerns about the trust's governance.
In a blog post, Katherine Garrett-Cox, chief executive of the trust, one of Britain's oldest, and Chairman Karin Forseke issued fresh appeals to reject the New York-based hedge fund's move.
"If Elliott is able to wield greater influence over Alliance Trust, it would pursue disruptive actions focused on allowing it to sell its shareholding quickly, actions which we do not believe are in the best interests of other shareholders," Garrett-Cox wrote in the blog.
"If you care about the future of the business in any shape or form, you have to vote," she said in a video interview attached to the post.