Alliance Trust has overcome opposition from some shareholders in its bid to buy back the 20% of its shares that are owned by New York-based activist investor Elliott Management.

Shareholders in the London-listed investment trust approved a package of proposals, according to a February 28 statement, including allowing it buy back Elliott's stake at a 4.75% discount to book value. Roughly 77% of votes cast - or 118.9 million - were in favour of the the motion, about 23% - or 34.9 million - against. A further 53.6 million votes were withheld.