After weeks of resisting Elliott’s request to add new members to its board Alliance Trust has agreed to add two of the three Elliott wanted to see join.
In a stock exchange announcement this morning Alliance Trust said following discussions Elliott has agreed to withdraw its three resolutions from the Alliance Trust AGM and committed to support the board and management on all other resolutions.
In return the board has agreed that Anthony Brooke and Rory Macnamara will join it. All parties have agreed the third nominee Peter Chambers will drop out of consideration.
Alliance Trust also said it will ‘accelerate the process to appoint an additional independent non-executive director.’
The truce is set to last for at least a year with Elliott also agreeing not to call a general meeting or ‘seek to agitate’ before the 2016 AGM.
“On behalf of the whole Board, I would like to express my gratitude to our shareholders for engaging with us on this important issue,” said Chair Karin Forseke. “Having considered this feedback we have worked with Elliott to find a compromise which we believe is in the best interests of all our shareholders. I would also like to welcome Anthony and Rory to the Board where their significant experience will be a considerable asset.”
Elliott said it appreciates the engagement and support from fellow shareholders of the company and others and considers the outcome to be in the best interest of all.
