REG-Alliance Trust PLC : Response to Elliott Statement <Origin Href="QuoteRef">ATST.L</Origin>

Alliance TrustAnnouncement

20/03/2015 15:21

20 March 2015
Regulatory News Service
Alliance Trust PLC
Alliance Trust Response to Elliott Statement
The Board of Alliance Trust PLC ("Alliance Trust" or the "Company") notes today's statement by Elliott Advisors (UK) Ltd. ("Elliott"). 
We continue to refute their ill-founded criticisms of the Company and will be addressing these more fully in a circular to shareholders to be sent shortly. However there is one important point that we feel compelled to draw to shareholders' attention immediately. 
Elliott's statement of today refers to "factually incorrect assertions about proposals which it claims Elliott has made, including mechanisms to reduce Alliance Trust's persistent discount". The Board of Alliance Trust has minutes of meetings with Elliott, where Elliott repeatedly suggested that Alliance Trust undertake a tender offer for 40% of the Company's shares at a discount of 5% or less. In one of these meetings Elliott also showed a presentation they had prepared to the Company which detailed their proposal for a tender offer.
Shareholders may also be interested to see the following paragraph from a letter sent by Elliott to the Company, dated 19 February 2015 and signed by Jonas Rydell, of Elliott: 
"Based on our extensive experience in such matters, we offered your management the benefit of a high level review of the options available to it, should the Company wish to adopt it or should the resolution be passed. We presented a total of eight options and variations of discount control, and commented in each case on their effectiveness and benefits to different groups of shareholders. We showed, for illustrative purposes, the several hundreds of millions of pounds worth of value creation available to all shareholders (tendering and non-tendering) from a partial tender offer in cash at various discounts to net asset value, various levels of acceptance, and various levels of post-tender discount."
Elliott's criticisms of the Company and its comments on "factually incorrect assertions" are misleading. We are determined that they will not mislead our shareholders.
Shareholder enquiries:
Alliance Trust PLC: Evan Bruce-Gardyne, 01382 321 169
Helpline: 0800 923 1527 (The operators of the helpline are unable to give financial advice.)
Media enquiries:
Finsbury: Conor McClafferty / Clare Dundas / Michael Turner, 020 7251 3801


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Alliance Trust PLC via Globenewswire
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