Alliance Trust (ATST) has completed the buyback of Elliott’s stake in the company and removed the immediate threat to its future existence – but now the hard work starts.
It will be looking to deliver measurable outperformance of its peer group and its benchmark in order to secure its long-term future. Shareholders are still heading for the exit in droves. Around 11.3 million shares, worth over £75 million, have been bought back since 14 March 2017 (the day when the last of Elliott’s stock was sold). This means that 26.5% of the fund has disappeared (£900 million worth) so far this year….
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