In a response to Alliance Trust’s statement made yesterday, Laxey said it welcomed the interest from Aberdeen Asset Management and added the board must now talk to Martin Gilbert, CEO of the fund management firm.
Laxey, which is a 1.7% shareholder in Alliance Trust, referred to a report in the Financial Times in which Forseke said: "We are absolutely committed to being self-managed. We do believe that is in the long-term interests of all our long-term shareholders."
It said the fact Forseke "in her second day in office can dismiss out of hand an approach from Aberdeen shows how little thought has been given to serious legitimate concerns over performance, rating and costs".
The shareholder, run by Colin Kingsnorth said it would like to know whether the entire board had been consulted prior to dismissing "Aberdeen’s approach" or whether Forseke was merely mirroring the views of CIO Katherine Garrett-Cox and the internal management.
Laxey then went on to question the independence and judgement of the board.
Questions unanswered
Yesterday, however, City experts questioned whether a hostile bid from Aberdeen to run the mandate would be successful if it were instigated.
Charles Cade, investment company researcher at Numis Securities, said such approaches, without support from the trust’s board, almost certainly failed.
Another factor casting doubt on Aberdeen’s attempts to "oust" Garrett-Cox is the former’s general business attitude and approach, which has no history of being hostile.
Meanwhile, Laxey also made comparisons between Alliance Trust and Murray International Trust, a global equity mandate run by Aberdeen’s Bruce Stout.
"We note the performance of Murray International is vastly superior with its shares consistently trading at a premium. What an upgrade for all shareholders that would be."
Read the full note from Laxey.
