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Activist hedge fund Elliott Advisors seeks 3 board seats in Alliance Trust

Monday, March 16, 2015

Komfie Manalo, Opalesque Asia:

Activist hedge fund firm Elliott Advisors, the biggest shareholder in Alliance Trust with a 12% stake, is seeking at least three board seats in the Dundee-based investment group, a report by the Financial Times said.

Gearing for the possible proxy fight, Elliott Advisors has hired headhunters Spencer Stuart to look for potential candidates that will sit on Alliance Trust’s board. The hedge fund is expected to submit the names of its candidates by today. The report said Elliott Advisors wants to submit only heavyweight candidates for the board position.

If Elliott Advisors becomes successful in installing the three board seats, the hedge fund will have significant influence in charting the future of the 127-year-old FTSE 250 company, as well as in determining the strategy and the governance of Alliance Trust.

The report quoted Alliance Trust as saying in reaction to speculations that Elliott Advisors is seeking the three board seats, "To date we have not received a proposal or requisition from any of our shareholders. If and when we do so, we will inform the market in the appropriate way. We remain entirely focused on running the business, delivering investment performance and acting in the best interests of all of our shareholders with a focus on the long term. Alliance Trust has strong corporate governance controls in place and ha......................

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