Alliance Trust fights off Laxey
INVESTMENT group Alliance Trust has fought off a rebellion by activist investor Laxey Partners over share buybacks.
Two-thirds of shareholders voted in favour of Alliance, rejecting Laxey’s call for the trust to set up an automatic policy to boost its value by buying back its own shares.
Laxey had called for such buybacks to be triggered when Alliance’s stock market value lagged behind the value of its stakes in other companies by 10 per cent. Alliance, led by Katherine Garrett-Cox, claimed such a scheme was too rigid and would increase costs.
