Alliance Trust wins battle against Laxey

Alliance Trust has won its long-running feud with activist Laxey Partners after shareholders voted against the introduction of a discount control mechanism (DCM).

At the group's AGM 67% of shareholders voted against the implementation of a regimented share buyback structure when the trust's discount exceeds 10%. The result comes as a bitter blow for Colin Kingsnorth's Laxey Partners as the group has tirelessly campaigned for the discount to be reined in. The activist had stated shareholders would see an increase in the value of their shares if a DCM was introduced. Chairman Lesley Knox said after the result: "We will continue to focus on our key priority of improving the investment performance. "We have also today confirmed our commitment to...