Alliance Trust has struck a last-minute deal with activist shareholder Elliott Advisors ahead of its AGM yesterday.
The investment trust announced that it had agreed to make two of three appointments proposed by Elliott Advisors, with Anthony Brooke and Rory Macnamara set to join the board.
Alliance Trust has also accelerated the process to appoint an additional independent non-executive director.
Elliott Advisors withdrew its AGM resolutions for the three appointments and agreed not to call a general meeting or seek to agitate against the company, its board or management in public until after Alliance Trust’s 2016 AGM at the earliest.
To read broker and adviser reactions to this long-running dispute, see investment trust watch.