Laxey Partners Ltd. is calling on Alliance Trust Plc to buy back equity and change an employee share scheme at the Scottish fund that could be used to force through management decisions, the Sunday Times reported.
Laxey decided to turn to shareholders this week to make the changes after its initial approaches to Alliance were rebuffed, the newspaper said, without saying how it got the information.
“I really can’t imagine why anyone would vote against it, as no shareholder benefits from the huge discount in the trust,” Laxey Chief Executive Officer Colin Kingsnorth said, according to the Sunday Times. “It’s a straightforward question of shareholder value.”
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