March 20, 2015 / 11:40 AM / 4 years ago

Elliott says 'surprised' by Alliance Trust rejection of board members

LONDON, March 20 (Reuters) - Activist investor Elliott Advisors said it was “surprised and disappointed” by Alliance Trust’s rejection of its proposal to nominate three directors to the board, and urged other shareholders to back its resolutions.

We are “surprised and disappointed that the Company does not think it would benefit from the experience, integrity and independent thinking of Anthony Brooke, Peter Chambers, and Rory Macnamara,” the hedge fund firm said in a statement on Friday.

“We believe that this decision is indicative of a Board that is out of touch with the concerns of its shareholders, and which needs fresh perspectives,” it added.

Earlier in the day, Alliance Trust told its shareholders that the proposed directors could not be judged to be independent and raised concern that the activist investor might try to exert “undue influence”. (Reporting by Nishant Kumar; editing by Simon Jessop)

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