Alliance Trust gives in to Elliott demands in last-minute compromise

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.

Having spent weeks contesting Elliott's proposals to add three non-executives to its board, the trust said this morning it has reached an agreement with the activist investor. Alliance Trust will now appoint two of the hedge fund's proposed candidates: ex-SG Warburg executive Anthony Brooke and Dunedin Income Growth trust chairman Rory Macnamara. Rather than appoint Elliott's third proposed candidate - former LGIM chief Peter Chambers - the board said it will continue its own search for an additional non-executive, to be approved by shareholders including Elliott. In return, Elli...