Broker JP Morgan Cazenove defends Alliance director appointment process claims

The board of the £3 billion investment trust is opposing Elliott’s attempt to appoint three new non-executive directors to its ranks, and now, in a note to clients, analysts at JP Morgan Cazenove has said that chairman of the trust,Karin Forseke, has provided them with a detailed description of the “exhaustive and time consuming” process involved in appointing new board members.

In a statement JP Morgan Cazenove said the process was “far more robust and thorough than we had appreciated” and accepted that they now better understand why the current Board “would (have) so strongly objected to the process under which the nominated directors have been selected.”