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Lighthouse attempts to reassure shareholders ahead of delisting vote

Allan Rosengren 480

Lighthouse has attempted to reassure shareholders that its management is not looking to take control of the group, ahead of a vote on its proposed de-listing from Aim.

Earlier this month, Lighthouse announced its intention to delist from Aim, citing a number of disadvantages it believed it was suffering due to its quoted structure.

The group intends to move to a public unquoted structure but requires the approval of 75 per cent of shareholders with a shareholder meeting set for July 31. A significant number of shareholders have raised their concerns about the delisting.

Addressing shareholder concerns about governance that have been expressed in the media, Lighthouse says the group will continue to hold regular shareholder meetings, maintain non-exec representation on the board and operate audit, remuneration and risk committees. Lighthouse also says it will look at the feasibility of restoring dividend payments, dependent on business performance.

Lighthouse Group chairman David Hickey says: “The plain truth is the lack of positive sentiment in the stock markets for IFA businesses.  For Lighthouse, at this time, there are no attractions to being on AIM, and too many disadvantages.”

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