Alliance’s AGM in Dundee today saw both of Laxey’s proposals – to introduce a formal discount control mechanism and to remove scaling up provisions – voted down by shareholders.
Just 33% of votes were in favour of introducing the discount control mechanism, while just 31% voted for the removal of scaling up provisions.
"I would like to thank all our shareholders for voting today and for their continued support of Alliance Trust. The close to 60% turnout we saw at this year’s AGM was unprecedented, being nearly double our normal turnout,” said chairman Lesley Knox.
“We will continue to focus on our key priority of improving the investment performance. We have also today confirmed our commitment to the ongoing flexible use of share buybacks. The step-change in the company’s active use of buybacks in recent months will continue, taking into account the company’s discount relative to the peer group."
Alliance announced prior to the AGM that Knox will step down as chairman by the time of the 2012 AGM after a decade on the board, saying it had commenced the search for a replacement.
