Rebels quit Alliance fight

The activist investor Laxey Partners has taken its tanks off Alliance Trust's lawns after waging a two-year battle to force the country's second-largest investment trust to take measures to boost its share price.

Laxey, which built up a 1.7 per cent stake in Alliance, suffered defeats for proposals it put at the trust's last two annual meetings, the latest in April, where it managed 20 per cent support.

Yesterday Alliance's chief executive, Katherine Garrett-Cox, said: "They have gone from our share register. I think the vote at the annual meeting gave a clear message."