Alliance Trust shareholders vote in favour of Elliott buyout

Also approve change in investment mandate

Shareholders in the £3.3bn Alliance Trust have approved the board's proposals to repurchase activist investor Elliott Advisors' near 20% stake in the vehicle, fending off recent calls from institutional advisory groups to reject them.

Alliance Trust shareholders have decided to approve all four proposals made by the investment company's board at an extraordinary general meeting held this afternoon in Scotland. The proposals relate to the trust's decision to change its investment mandate and adopt a multi-manager structure, and the decision to buyback all shares from activist investor Elliott Advisors, which has been steadily building up a holding in the company since 2010, now representing almost 20%. Shareholders were asked to vote regarding the following proposals: 1. Approve the Related Party Transaction with...