Alliance Trust gives progress report on overhaul

Follows earlier Elliott Advisors attack

Alliance Trust has updated shareholders on the progress of a comprehensive revamp of the company, saying it is on track to deliver combined savings for the investment business of at least £6m for 2016.

The trust's board came under pressure to agree to a number of changes following an attack by activist investor Elliott Advisors earlier in the year. Alliance Trust gives into Elliott's demands in last-minute compromise It has now given more details on the progress it has made on the trust to enhance shareholder value. These changes were first announced on 1 October as part of a radical overhaul of the company, prompting its share price to rise 3%. Firstly, the MSCI All Country World index is now used as the benchmark for the trust with an outperformance target of 1% annually, net ...