There has been a full-on war of words going on between Alliance trust and Laxey Partners. The recent recommendation of the activist shareholder Laxey partners, to enforce tighter discount control has not been taken well by the trusts, which have came back and ridiculed them, stating that it would cost the trusts nearly £2.5 million.
The Dundee-based investment trust also went ahead and urged the entire shareholders to reject the challenge, stating that there are no long term benefits involved with it and the hedge fund is doing so just for their own self interest.
Karin Forseke, Chairman of Alliance Trust said, "We are disappointed that Laxey has requisitioned the board again, having been convincingly defeated last year”. This is waste of money and time of the shareholders and shows the defiant attitude of Laxey in favor of its own short term interests.
The alliance trusts is adamant on its stance, stating that it is focused on uplifting the performance of investment, due to which they were able to deliver strong results last year. Now, all the eyes would remain on the vote that is slated to occur on April 27, which would decide the fate of the resolution passed by Laxey.
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