Alliance accuses Laxey of short-term self-interest

The embattled board of investment trust Alliance Trust has accused activist investor and minor take holder Laxey Partners of being motivated by its own short-term interests rather than the medium and long-term prospects of all Alliance Trust shareholders.

The embattled board of investment trust Alliance Trust has accused activist investor and minor take holder Laxey Partners of being motivated by its own short-term interests rather than the medium and long-term prospects of all Alliance Trust shareholders.

The accusation was made in response to a call last month by hedge fund Laxey for a vote at the firm's next Annual General Meeting (AGM) on whether a comprehensive review of the company should be undertaken. Laxey wants to explore ways to boost the investment performance of the company and to reduce the discount of the share price to net asset value per share.

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