'Are either of them actually here?' asks Alliance Trust shareholder
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Version 0 of 1. Believers of the old adage “first impressions count” should spare a thought for Anthony Brooke, one of the two men forced on to Alliance Trust’s board by Elliott Advisors. The investment banking veteran was an anonymous onlooker during the first half of the company’s AGM at Dundee’s Gardyne Theatre, until one shareholder finally asked the question that had been on everyone else’s mind: “Are either of them actually here?” he said, referring to Mr Brooke and fellow Elliott nominee Rory Macnamara. “Yes, I believe Anthony Brooke is. Can you stand up, Anthony?” responded chairman Karin Forseke, just about containing her delight at the prospect of what was about to unfold. There was poor old Mr Brooke, towards an exit near the back. After mumbling about not having a microphone, he said: “I have no knowledge of the company other than what I read in the press.” Not the thing to say to an auditorium full of retail investors, already seething at not being able to approve the appointment of a man they scarcely knew. After speaking to shareholders, Ms Forseke and her chief executive, Katherine Garrett-Cox, are now fully aware that their Vision 2020 had better start showing results in 2015, otherwise shareholders will be baying for blood next year – not least Elliott, which can start publicly criticising Alliance again once their entente cordiale expires in a year’s time. There was no major pay revolt with just 6.71 per cent of investors failing to back the company’s remuneration report, yet the discount at which its net asset value trades at remains a concern judging by the reaction from the audience. Just one investor, Roger Lawson of advisory group ShareSoc, called for either Forseke or Garrett-Cox’s head. How different things could be next year, if things don’t pick up. |