(Alliance News) - Alliance Trust PLC on Monday said it has completed the sale of subsidiary Alliance Trust Savings to Interactive Investor for GBP40 million, including office premises.
The net proceeds after post-completion adjustments, VAT, and costs associated with the disposal are expected to be GBP34.5 million, the investment firm said, which will be reinvested in Alliance Trust's global equity portfolio.
"The board is pleased that the sale of Alliance Trust Savings to Interactive Investor has completed. The sale completes our transformation into a fully focused global equity trust, which should improve returns to shareholders," said Chair Robert Smith.
"On behalf of the board, I would like to take this opportunity to thank all the hard-working staff at Alliance Trust Savings for their efforts over the years to build the business," added Smith.
Alliance Trust shares ended 1.5% higher on Monday in London at 808.00 pence each.
