InvestmentsApr 20 2015

Major investor DC Thomson backs Alliance Trust

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Major investor DC Thomson backs Alliance Trust

Alliance Trust received a boost today as its third largest shareholder, DC Thomson, announced it will back the trust in the upcoming annual general meeting.

The trust has been in a battle with its largest shareholder, Elliott Advisors, which has been seeking to add three new non-executive directors to the trust’s board.

The Dundee-based publisher holds 5.5 per cent of the trust and has held the position for over a hundred years.

In a statement, the directors of the publishing group said they “intend to vote against their [Elliott Advisors’] resolutions to nominate new directors”.

They added: “While we welcome open debate, we see nothing in their [Elliott Advisors’] proposals to persuade us, as long term investors, to give them our backing.”

This announcement comes as Alliance Trust has been told it is “out of order” for sending out partisan voting forms to shareholders.

Last week the trust sent out proxy voting letters, with the boxes to vote against the nominees highlighted.

Voting will take place at the annual general meeting on April 29.