US activist shareholder Elliott had been bought out in a £600 million deal in February and since then much had been done to restructure the business with the discount being driven down from 11 per cent to five and the share price rising from 500p to 690p.

Lord Smith thanked small investors for their patience: “At last year’s AGM I said a great deal had happened in the previous year. The 12 months since have certainly been no different, but I am delighted to report a great deal of progress has been achieved and we have a clear and compelling investment approach for the trust. Alliance Trust Savings was profitable and is better positioned for future growth and Alliance Trust Investments was sold to Liontrust. And, for the first time in many years, we have a stable shareholder register, all of which leaves Alliance Trust well positioned for the future.”

Lord Smith of Kelvin also assured shareholders that he will not take up his new role as chairman of the British Business Bank (BBB) until the sale of the Green Investment Bank (GIB) completes.

He stressed: “I will absolutely not take on the British Business Bank until I come off as chair and director of the Green Investment Bank. I will have the exact same time commitments. I’ll be swapping one for the other.”