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Bosses at Scottish Mortgage Investment Trust have moved to allay fears the company is on a collision course with its new activist investor.
US hedge fund Elliott Management last week emerged as the company’s largest shareholder with a 5 per cent stake worth around £607 million – sparking speculation about its intentions.
During an online investor meeting yesterday, SMIT manager Tom Slater emphasized that the interests of the two companies were aligned.
Concerns: During an online investor meeting yesterday, Tom Slater (pictured), manager of the Scottish Mortgage Investment Trust (pictured), insisted that Elliot’s interests were aligned
And he said the relationship would not result in a seven-year debacle similar to that at Alliance Trust – which saw the CEO ousted and the board vacated after a long campaign by Elliott.
Slater said: “The only things in common are the Elliott name and an investment trust. We are on the same page.’
The meeting also addressed investor concerns that the fund owns too many illiquid, undervalued private companies, which make up 25 percent of the portfolio.
But Slater and deputy manager Lawrence Burns stood by their investments, adding that they had seen increased enthusiasm from private companies wanting to come to the market in recent months.
Shares in SMIT rose 8.6p to 884p.