In a letter to shareholders dated 16 April, the same day the firm’s campaign against Elliot’s proposals received a major body blow in the form of comments in support of the resolutions by shareholder advisory and proxy firm, Institutional Shareholder Services.
The question facing investors, at what Forseke says is a “critical moment for the future of the company” boils down to who shareholders trust to run the company?
She added the current board is acutely aware of the firm’s heritage as part creator and protector of its investors’ wealth over 126 years. “It is this that underpins our vision “to be the UK’s most trusted investment and savings business”. We believe that the strategy we have set for our company will help us to achieve this vision, by delivering strong and sustainable investment performance for shareholders over the longer term.”
Appealing to shareholders to use their vote, Forseke added: “We have previously described Elliott and their affiliates as a business that seeks to influence companies to change their strategic direction through public and disruptive campaigns. As a hedge fund manager they do this to create value for their own investors and we believe they have very different perspectives from other shareholders of Alliance Trust.
“That is why I believe the issue is not just about the three candidates Elliott have proposed – instead it is about Elliott’s plans for the future of the Company which you own. To date, neither Elliott nor the candidates they have proposed join your Board have shared their plans,” she added.
