Laxey Partners was dealt a fresh blow in its bid to overhaul Alliance Trust today, as around 80% of shareholders voted against the activist investor's proposals at the trust's AGM.
The outcome of today's AGM has been hotly anticipated following headline-grabbing criticism from activist investors Laxey Partners, which owns 1.7% of Alliance Trust, over the past year. Laxey wanted the trust's board to consider outsourcing its investment management as well as take further action to reduce its discount. It has previously attacked the trust for its poor performance and said it is more expensive to run than it has admitted. On Tuesday, Alliance Trust published a shareholder circular outlining its arguments for a rejection of the latest proposals from Laxey, which it...
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