BLOG: Win-win for Laxey as Alliance battle reaches climax

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This Friday the 123rd annual general meeting of Alliance trust will not be the serene affair the company's board is used to, as Laxey Partners' long-running call to integrate a discount control mechanism reaches its climax.

The activist investor has argued the case for a DCM since last November to rein in the £2.8bn trust's discount from 17% to a maximum of 10%. Laxey's outspoken chief executive, Colin Kingsnorth, said shareholders would benefit if Alliance acted, while Alliance itself, which was tight-lipped over the affair until last month, argued long-term investors would suffer if a DCM is introduced, with only those looking to make a quick buck really benefitting. However, whatever side of the argument shareholders take when they vote on Friday, one thing is for sure - Laxey Partners has already won...

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