Update: Elliott ups its stake in Alliance Trust ahead of vote

Elliott Advisors has increased its voting stake in Alliance Trust in the run up to the trust's annual general meeting later this month.

Elliott upped its voting stake in the company from around 5% to almost 10% after purchasing a number of new voting shares. Elliott was already the largest single shareholder in the FTSE 250 trust prior to purchasing its new stake. It currently has around a 12% holding in the company through a mixture of shares and derivatives. The US hedge fund has been campaigning to reform the trust. It has proposed three new non-executive directors for the board, which shareholders will vote on at the trust's AGM later this month. Elliott is highly critical of the performance and management style ...