Alliance Trust PLC – Sale of Subsidiary Business to Interactive Investor

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Alliance Trust (LON: ATST) today announced that the sale of its subsidiary company, Alliance Trust Savings, to Interactive Investor has completed.

As previously announced, the total consideration payable for the business was £40m including office premises, subject to post completion adjustments. The net proceeds after, post completion adjustments, irrecoverable VAT and costs associated with the disposal are expected to be £34.5m, which will be reinvested in the Trust’s global equity portfolio, managed by Willis Towers Watson, accounting for 97% of assets.

Lord Smith of Kelvin, Alliance Trust plc’s Chairman, commented:

“The Board is pleased that the sale of ATS to ii has completed. The sale completes our transformation into a fully focused global equity trust, which should improve returns to shareholders.

“On behalf of the Board, I would like to take this opportunity to thank all the hard-working staff at ATS for their efforts over the years to build the business. We wish ATS every success as it continues to develop under its new owner.”

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