Laxey Partners gain support

ACTIVIST investor Laxey Partners has received support from two shareholder advisory groups in its bid to force reform at Alliance Trust.

US advisory Shareholder Services and pensions consultant Pirc have come out in favour of Laxey’s plans for a formal mechanism to help increase Alliance Trust’s share price.

The investment firm’s shares currently trade at a discount of about 17 per cent to its net asset value.

Laxey has tabled a resolution for the group’s 20 May annual meeting calling for a control mechanism on Alliance’s share price.