Alliance trust steps up fight with share buybacks

Alliance trust has bought back shares for the seventh consecutive working day as it steps up its fight with activist investor Laxey Partners.

The £2.8bn investment trust has bought back £8.83m of shares over the period, purchasing £3.88m on 4 May. Chief executive Katherine Garrett-Cox has also been increasing her own stake in the trust, increasing her total voting rights. Before Laxey Partners began canvassing for the trust to introduce a discount control mechanism, the group had never bought back shares in its 122-year history. The buybacks have narrowed the trust's discount from 18% to 13.9% since the start of the year, according to Winterflood. On 20 May at Alliance's AGM shareholders will vote on the motion to int...