1. Alliance Trust, Elliott's clash over directors escalates

    Alliance Trust, Elliott's clash over directors escalates

    Alliance Trust rejected Elliott Advisors' proposals for a management overhaul on Friday, prompting a sharp reaction from the activist investor and setting the stage for a battle with one of the world's best-known hedge funds. As the war of words escalated between one of Britain's oldest investment firms and its largest individual shareholder, the Trust issued a second letter challenging Elliott ...

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    1. We are determined that they (Elliott) will not mislead our shareholders.
    2. This decision is indicative of a Board that is out of touch with the concerns of its shareholders, and which needs fresh perspectives.
    3. Elliott would pursue a short-term agenda aimed at facilitating an exit from its shareholding in the company. Given the size of its position, this would involve disruptive actions which are not in the long-term interests of our shareholders.
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