Alliance Trust

Alliance Trust

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Alliance Trust RNS, News & Media


Headline
24 Mar 2017
News - Alliance Trust hikes full year dividend 16% after agreeing deal to end dispute with Elliott from Proactive Investors
24 Mar 2017
RNS press release - Final Results from Proactive Investors
23 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
22 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
21 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
20 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
17 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
16 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
15 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
14 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
14 Mar 2017
RNS press release - Alliance Trust PLC : Holding(s) in Company from Proactive Investors
14 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
13 Mar 2017
RNS press release - Alliance Trust PLC : Holding(s) in Company from Proactive Investors
13 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
10 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
10 Mar 2017
RNS press release - Alliance Trust PLC : Holding(s) in Company from Proactive Investors
10 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
9 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
8 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
7 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
6 Mar 2017
RNS press release - Alliance Trust PLC : Holding(s) in Company from Proactive Investors
6 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
6 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
3 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
2 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
2 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
1 Mar 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
28 Feb 2017
RNS press release - Alliance Trust PLC : Total voting rights from Proactive Investors
28 Feb 2017
RNS press release - Alliance Trust PLC : Result of General Meeting from Proactive Investors
28 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
27 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
24 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
23 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
22 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
21 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
20 Feb 2017
RNS press release - Alliance Trust PLC : Update on Proposals from Proactive Investors
20 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
17 Feb 2017
RNS press release - Alliance Trust PLC : Holding(s) in Company from Proactive Investors
17 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
16 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
15 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
14 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
13 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
10 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
8 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
7 Feb 2017
RNS press release - Alliance Trust PLC : Holding(s) in Company from Proactive Investors
7 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
3 Feb 2017
RNS press release - Alliance Trust PLC : Transaction in Own Shares from Proactive Investors
2 Feb 2017
RNS press release - Alliance Trust PLC : Publication of Circular from Proactive Investors

Alliance Trust 3 Month Chart


Alliance Trust Discussion on Interactive Investor

Re: Today's Telegraph by Ben Alligin

  Fri, 03 Mar 2017 20:36:00 GMT

I asked HL about voting, and, yes, I can do this, but it's up to me to find out what is being voted on and when. They don't pass on any documents sent out by the company.

By Ben Alligin

Re: AGM results by trader jack

  Thu, 02 Mar 2017 11:15:00 GMT

Just a thought

Did Elliott get to vote on the resolutions?

Given their holding together with those of the Board is it any wonder that the small private investors views were marginalised?

TJ


By trader jack

Re: AGM results by valeite

  Wed, 01 Mar 2017 21:50:00 GMT

The Donalda lunatic? i think he's doing ok

By valeite

Re: AGM results by In the dark yet again

  Wed, 01 Mar 2017 17:43:00 GMT

It was inevitable, me voting against it making not the slightest little bit of difference (as usual).

Market reaction? The $ strengthens (maybe more due to Trump sounding almost reasonable rather than the usual lunatic), the S&P up 1.5%, FTSE100 up 1.6% and ATSTrecord highs but less than 1.2%. Haven't done the arithmetic yet but instinct says that discount is now more than 5%.

Regards,
ITDYA wishing he had got some away yesterday and wondering why the hell he didn't.


By In the dark yet again

AGM results by trader jack

  Wed, 01 Mar 2017 17:00:00 GMT

28 February 2017

ALLIANCE TRUST PLC
Result of General Meeting

The Board of Alliance Trust PLC (the "Company") is pleased to announce that all resolutions put forward at a General Meeting of the Company earlier today were passed.

The proposal that the Company should change its investment mandate for the equity portfolio to a multi-manager approach has therefore been adopted. Arrangements for the new approach will now be finalised. It is expected that the Company's new investment manager, Willis Towers Watson[i] and the eight new underlying equity managers will have been formally appointed by early April. The Board will provide updates on this process as and when appropriate.

The proposal that the Company should repurchase all Ordinary Shares in the Company in respect of which Elliott International L.P., the Liverpool Limited Partnership and Elliott Associates L.P. (collectively "Elliott", the Company's largest beneficial shareholders) has a disclosable interestii, has also been approved. In accordance with the terms of the Repurchase Agreement between the Company and Elliott, Elliott's Shares will be bought back in five tranches, in each case at a price representing a 4.75 per cent. discount to the Net Asset Value per Ordinary Share on the business day immediately preceding the relevant trade date.

Authority was also received from shareholders for the Company to increase its share buyback authority by a further five per cent. The Board remains committed to its proactive approach to buying back Ordinary Shares, and going forward is prepared to do so at or around the same discount level as that of the share repurchase from Elliott so long as it is in shareholders' best interests.

Commenting on the announcement, Lord Smith of Kelvin, Chairman of Alliance Trust PLC, said:

"The Board is pleased to announce that all resolutions have been passed, and, in particular, is delighted by the 96% level of shareholder support for the new approach to investment management.

The aim of the new approach is to achieve consistent outperformance at a competitive cost, with a progressive dividend policy. The focus of the Board and the new investment manager is to deliver on those ambitions for many generations to come."

A summary of the votes cast in respect of the resolutions is set out below.
Resolution Votes for % Votes against % Votes withheld
1 Authority to repurchase from Elliott 118,868,085 77.29 34,920,649 22.71 53,564,162
2 Authority to buyback up to 95,478,576 shares in accordance with Repurchase Agreement 172,229,633 83.41 34,265,850 16.59 756,783
3 Authority to increase buying back of own shares by 5% 202,613,623 97.87 4,406,037 2.13 333,113
4 Support to change to multi-manager investment mandate 146,478,103 96.03 6,057,385 3.97 54,813,426

In accordance with Listing Rule 9.6.2, the full text of resolutions 2 and 3, which were special resolutions, passed by the Company at its General Meeting today has been submitted to the National Storage Mechanism and will shortly be available for inspection at
LINK


By trader jack

Re: Today's Telegraph by Graham Morrice

  Wed, 01 Mar 2017 13:28:00 GMT

Ben
I don't know why you didn't get a chance to vote. I gave HL my instructions yesterday (against the amendments proposed in my case) who assured me these would be amalgamated with others' views and forwarded to BLVN. Your late post? (Mine came last Saturday.)

GM


By Graham Morrice

Re: Today's Telegraph by Ben Alligin

  Tue, 28 Feb 2017 18:57:00 GMT

Being a long-term ATST shareholder, I was looking forward to getting a chance to vote on the proposals. However, as my ISA is now with HL, I didn't get that opportunity.

I probably would have voted against the proposal to increase yet further the buy-backs, as the trust has shrunk enough. I know that buy-backs at a discount of 5% enhance the NAV a little, but the cost of running the trust won't reduce all that much, so I'm not convinced of the benefits. I was comfortable with a discount in the region of 10-15%, knowing that I was getting an enhanced yield and wasn't concerned about fluctuations in the discount over a long time.

I would probably also have voted against the proposal for a multi-manager mandate as it complicates matters and increases costs, and again I'm not convinced of the benefits.


By Ben Alligin

Re: Today's Telegraph by In the dark yet again

  Tue, 28 Feb 2017 10:25:00 GMT

Favouritism: yes, an issue for me. Not just in this case but in every case where one shareholder is 'favoured' with a special deal not offered to all - all shares are equal but some are more equal than others it seems.

And every time it's either some City insider (e.g. a placement to an institution at a discount) or one of the big 'private' investors. The problem here (IMO) is that, to offer this same deal to all risks everyone taking it and the trust being wound up as a result - Wind up the trust? If it meant getting NAV less a percent for costs I wouldn't be crying - all mine are SIPPed but it would be an issue to know how best to reinvest a chunk of change that large quickly as I wouldn't want it hanging around in cash for long.

But they are not going to do that, any more than turkeys would vote for Christmas. Best hope as far as I can see is for the board to adopt a long-term discount management plan with the funding coming from either debt (hopefully only in a rising market and good luck to them if they can time that right every time - if they could there would never be a problem with a discount!)) or further disposals.

Funding by asset disposal means a smaller market cap but spread over fewer shares as those bought back are cancelled. That keeps that side of the equation in balance (on paper might even improve it a touch as they will only be selling 95.25p worth of shares to cancel £1), Dividend similarly unaffected. However there is a problem in that, as the overall value of the trust shrinks, the overheads rarely tend to shrink as quickly (if at all).

As for the outsourcing, yes, they have abdicated the key responsibility of any pooled investment. Then again, if it's done at minimal cost, leaving them to concentrate on getting all other overhead down to as near zero as possible. dream on - the fees they will pay to Towers Waston (suggested as fair during the review by.... Towers Watson) are way too high and the management aren't going to sack 2/3rds of themselves and a big chunk of the staff.

Me, still looking for any/every opportunity of offload chunks anytime I can calculate the real-time discount at about 4.75% but where to put the proceeds? I know, loads of opportunities but ATST has, over many years, been a safe place for my pension money about which I've rarely had to worry and, in reality, after careful count back, despite the KGC costs, my investment has beaten the FTSE100, all dividends reinvested - not by much but 'net, net, cash in, cash out, better than the market' is a feat very few achieve then again, that's probably only because for years I was salting money away at 15% and higher discount and now all of this is being valued at about 5.

Better lucky than clever but definitely a moment to be thinking very seriously as luck has a habit of running out.

Regards,
ITDYA


By In the dark yet again

Re: Today's Telegraph by LK Hyman

  Mon, 27 Feb 2017 17:20:00 GMT

TJ,

"Unfortunately CGT would take quite a chunk if I sold any more."

Bless!

"that has to have a rather large and sudden impact on future dividends, or is Alliance Trust somehow going to invest in itself? Or have I got it all wrong?"

I'm not an expert in ATST, especially now that the fragrant KGC has left the building, but surely the Elliott shares will be cancelled? So there should be a good opportunity for ATST (or, more likely, their highly paid locust "advisers" LOL) to raise the wonga for Elliott by dumping the dross part of their portfolio, which would leave 'em free to maintain the divi on the reduced share base or even raise it if the dross happened to be low yield stuff innit?

Personally I'd never touch ATST with a bargepole now that they've abdicated their responsibility for throwing darts at the board to the afore-mentioned locusts.

LKH on the flybridge


By LK Hyman

Re: Today's Telegraph by trader jack

  Mon, 27 Feb 2017 17:11:00 GMT

Good afternoon alandwd,

I have sold out some of my holdings of ATST. Unfortunately CGT would take quite a chunk if I sold any more. I have also sold out my grandchildrens' JISA's and reinvested temporarily in HSBA.

The big problem as I see it is that nobody seems willing to highlight is what likely to happen to the ATST share price and NAV after Elliotts have fled the scene with all their bags filled to the brim with their loot!

I did a rough calculation and by the time Alliance Trust has bought Elliott out, forget us lowly private investors, Alliance Trust might have had to sell about 20percent of their current holdings just to provide the booty for Elliotts. Now that has to have a rather large and sudden impact on future dividends, or is Alliance Trust somehow going to invest in itself? Or have I got it all wrong?

If someone somewhere, just thought to tell everything as it is rather than just sweep it under the carpet I am sure that more of us poor investors would be happy to stay with ATST.

By the way Alliance handed out a list of all shareholders in ATST to some marketing company to assess the way shareholders might vote. They did not care too much about how they went about this. My daughter took a telephone call with someone wanting to speak to my 8 year old grandson to find out how he would vote! Can't they get anything right?

KGC has a lot to answer for even though she has been flushed down the system!

TJ


By trader jack

Re: Today's Telegraph by alandwd

  Mon, 27 Feb 2017 15:02:00 GMT

"more diverse shareholders"=people in nominee accounts such as ATS who won't vote or will vote the way we'd like them to.

I'm glad murmors are being heard. Ownership of shares here has been akin to quiet financial rape. In about 2000, someone spotted a huge pool of assets with minimal annual cost, that they could get their hands on and increase the fees, share the joy between their friends and know that they probably wouldn't be spotted. I really hope all shareholders are offered the same deal and I speak as someone who sold out a rather large holding during the recent rises.


By alandwd

Today's Telegraph by trader jack

  Sun, 26 Feb 2017 15:48:00 GMT


Alliance Trust faces revolt over share buy-back 'favouritism’


An attempt by the investment fund Alliance Trust to put an end to years of turbulence will face protests from shareholders this week over alleged ­favouritism and conflicts of interest.

The Dundee-based company has asked investors to approve a £620m buyback deal with the aggressive US activist investor Elliott Management, which holds nearly a fifth of its shares. Alliance aims to buy back the shares in five tranches, allowing Elliott to cash in its stake more easily and ending its running battles with the board.

However, institutional investors are poised to vote against the plan at a general meeting on Tuesday, after a critical report from the voting adviser Institutional Shareholder Services (ISS).
ADVERTISING

In a note to clients, ISS said shareholders should reject the proposal “due to favourable treatment of the company’s largest shareholder… whilst others are not presented with a similar exit opportunity”. ISS highlighted the fact that Elliott will be able to offload its shares at the lowest discount to the net value of Alliance’s assets in five years.

Alliance has also been forced to defend the appointment of Willis Towers Watson as its equity portfolio manager, part of a plan to cut costs by outsourcing fund management. It sparked controversy and criticism from ISS, as Willis Towers Watson also advised the company during the strategic review that led to its own appointment.
ftse
Willis Towers Watson was appointed Alliance Trust's equity portfolio manager

Alliance told shareholders last week it believed there was no conflict of interest and that Willis Towers Watson’s role in the strategic review had been clearly defined. It is understood, however, that the decision has caused concern at some of the company’s largest institutional shareholders, who could vote against the proposal.

In a letter to ISS seen by The Sunday Telegraph, Alliance attacked the adviser’s analysis of the buyback and accused ISS of basing its recommendations on “factual inaccuracies”.
"Opposition from ISS is a blow to Alliance’s hopes of a quiet end to one of the most difficult periods in its 129-year history."

Alliance told ISS the proposals had been positively received by others and that other shareholders were free to tender their shares to a buyback programme on comparable terms.

Opposition from ISS, which can sway a fifth of typical UK shareholder register, is a blow to Alliance’s hopes of a quiet end to one of the most difficult periods in its 129-year history. Beginning in 2010, the attack from Elliott on its performance, costs, executive remuneration and structure has triggered changes including the exit of chief executive Katherine Garrett-Cox.

Alliance will count on the fact it has a more diverse shareholder register than most large companies, with thousands of individual investors. ShareSoc, which advises small investors on voting, has backed the buyback saying it would “avoid future pressure” by Elliott and “appears to be at a fair price”.


By trader jack

Re: Sold by trader jack

  Mon, 20 Feb 2017 12:46:00 GMT

Hi Global IT Man,

As explainedin some posts about two weeks ago, I am very much in the same boat as you regarding CGT but I fail to see how the repurchase of all Elliotts shareholdings and CfD's by Alliance Trust will not cost us shareholders.

I have been quite happy with ATST shares for over 25 years now, but I wonder if we are being told the whole story about the effect these purchases will have on ATST SP and discount over the coming weeks and months.

Kind regards

TJ


By trader jack

Re: Sold by Global IT man

  Mon, 20 Feb 2017 12:01:00 GMT

Well I'm not sure about the buy recommendation but I do think at least some of us could do worse than 'hold'. It would take me 5 years to sell without incurring capital gains tax; meanwhile the quarterly dividends are useful.
Press comment seems favourable re. the revamp, discount now similar to the comparable trust Witan but with lower costs. Fingers crossed that the discount doesn't significantly widen.


By Global IT man

Re: Sold by trader jack

  Mon, 20 Feb 2017 11:55:00 GMT

Good morning Charityman,

I might possibly agree with you if I could fully understand what Alliance repurchasing their own shares and CfD's held by Elliotts will have on the SP and discount in the next few months. These repurchases are being funded by the sale of parts of the Alliance Trust current portfolio of shares.

Currently I have sold 3 lots of shares held by myself and my grandchildren at 671.50, 672 & 674.

What I would not like to see is the SP and NAV nosedive in the next few weeks without me trying to protect the short term outlook for our savings.

Any thoughts on what might happen are always most welcome as I try to understand what might unfold in the coming weeks.

Kind regards

TJ



By trader jack