Alliance Trust PLC (LSE:ATST) announces a share repurchase program. Under the program, the company will repurchase 95,478,576 ordinary shares, representing 19.75% of the company's issued share capital. The will repurchase 52,881,891 ordinary shares from Elliott International, L.P., and 42,596,685 ordinary shares from The Liverpool Limited Partnership and Elliott Associates L.P. The price payable per ordinary share will be calculated by reference to the Net Asset Value on the business day immediately prior to the relevant trade date, and will be the figure representing a 4.75% discount to the Net Asset Value per ordinary share on each relevant calculation date. The repurchased shares will be cancelled. The repurchase will be fully financed through the pro rata realization of the appropriate proportion of the company’s underlying equity portfolio. The Board believes that the repurchase is in the best interests of the company and its shareholders as a whole, having in regard in particular to the uplift of Net Asset Value by approximately 1% which will accrue to the benefit of continuing shareholders. The repurchase will be made in five equal tranches, each at a 4.75% discount to the then prevailing Net Asset Value. The repurchase program is subject to shareholder approval at the company’s General Meeting to be held on February 28, 2017 and prior approval of the PRA as it would result in a reduction of the company’s share capital.