Alliance Trust: We spent £3m contesting Elliott proposals

Alliance Trust has revealed it spent £3m contesting proposals put forward by hedge fund Elliott Advisors, prior to the 11th hour compromise agreed yesterday.

Speaking at the trust's annual general meeting this morning, Alliance chair Karen Forseke said the board required "appropriate professional advice" to mount a counter-offensive against Elliott, according to the FT. Forseke revealed to shareholders that the cost of this advice and other fees had amounted to £3m. "It is important shareholders recognise the costs associated with this action. The board believes we need appropriate professional advice and this is expensive," she said. Alliance Trust yesterday agreed to install two of Elliott's proposed candidates as non-executive direct...