Alliance Trust has announced this morning that they have reached an agreement with their largest shareholder, Elliott Advisers, whereby Elliott has agreed to withdraw its three resolutions from the Alliance Trust AGM on 29 April 2015 and has committed to support the Board and management on all other resolutions.
As part of the deal, both the Board and Elliott have agreed on certain mutual non-disparagement undertakings and that Elliott will not call a general meeting or seek to publicly agitate against the Alliance Trust, its Board or management prior to the 2016 AGM at the earliest.
Alliance Trust’s Board has agreed to appoint Anthony Brooke and Rory Macnamara to the Board and have also agreed that, whilst the necessary regulatory approvals are being obtained, both will act as board observers. The Board has previously announced that it is accelerating the process to appoint an additional independent non-executive director. This will be done in consultation with the Company’s major shareholders.
ATST : Alliance Trust and Elliott reach a compromise, for now