Alliance Trust PLC : Repurchase of Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

For immediate release

27 January 2017

ALLIANCE TRUST PLC

Repurchase of Shares

Further to its announcement of 24 January 2017, the Board of Alliance Trust PLC (the "Company") announces that it has entered into an agreement with the Company's largest beneficial shareholder, Elliott International, L.P., The Liverpool Limited Partnership and Elliott Associates L.P. (collectively "Elliott"), to repurchase all ordinary shares in the Company in respect of which Elliott has a disclosable interest (being 95,478,576 ordinary shares, representing 19.75 per cent. of the Company's issued share capital)*. The repurchase, if approved by the Company's independent shareholders, will be undertaken shortly after the Company's forthcoming General Meeting in five equal tranches, each at a 4.75 per cent. discount to the then prevailing NAV.

The Board believes that the proposed repurchase is in the best interests of the Company and its shareholders as a whole, having regard in particular to the uplift to NAV of approximately 1 per cent. which will accrue to the benefit of continuing shareholders; the ability for the Company to move forward with its multi-manager proposal against the backdrop of a share register that is settled and supportive for the longer term; and the fact that the targeted annual costs of the ongoing Company will remain competitive, amounting to no more than 65 bps. Furthermore, the Board reaffirms its proactive approach to buy back shares, and going forward is prepared to do so at or around that same level. For these reasons, the Board intends to recommend unanimously that shareholders vote in favour of the requisite resolutions to be put before the Company's shareholders to implement these proposals.

The requisite resolutions, which require approval in advance of any repurchase by the Company of Elliott's shares, will be included as part of the business of the General Meeting which is already due to be held on 28 February 2017. A further announcement providing additional detail in relation to the proposed share repurchase will be made at the time of publication of the shareholder circular convening the General Meeting, which is expected shortly.

* Elliot has direct control over 52,881,891 ordinary shares and indirect control through contracts for difference of 42,596,685 ordinary shares (which the Company has offered to acquire on the same terms).

Enquiries

Alliance Trust PLC                                                                                     + 44 (0) 1382 321000
Lord Smith of Kelvin (Chairman)
Gregor Stewart (Deputy Chairman)


Canaccord Genuity (Financial Adviser)                                                        + 44 (0) 20 7523 8000
Robbie Robertson
Andrew 'Z' Zychowski
David Yovichic

Tulchan Communications                                                                          + 44 (0) 20 7353 4200
Stephen Malthouse
Sam Chiene

                                                                             
Important information
This Announcement contains Inside Information as defined under the Market Abuse Regulation (EU)
No. 596/2014.

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Source: Alliance Trust PLC via Globenewswire