Lighthouse chairman David Hickey says the vote against the proposal to delist from Aim earlier today will not force him or other members of the board to resign.
He adds that he believes recent comments from former Lighthouse joint chief executive Allan Rosengren had influenced shareholders’ votes.
Earlier today, the firm failed in its attempt to delist from Aim after 53 per cent of shareholders voted against the proposal. The firm needed 75 per cent of shareholder votes to be able to delist.
Around 78 per cent of shareholders took part in the vote.
Hickey (pictured) says: “I do not think the board is under pressure to resign. We were surprised at the way the vote went but perhaps we should not have been in light of recent comments by Allan Rosengren.
“I think it is probably right the comments influenced shareholders. We would have thought he would have understood the logic behind the proposal to delist.”
Speaking to the Financial Times in July, Rosengren said: “The board of directors of a business that has gone through the process of becoming quoted and, in doing so, sought external private and institutional investors…owes it to those shareholders to continue to operate as a listed entity, or make a sensible cash offer for their shares.”
Rosengren, however, believes his comments did not change shareholder’s minds.
He says: “I certainly do not think I influenced anyone’s vote. Shareholders will make their own mind’s up and draw their own conclusions.”
Lighthouse shareholders have stopped short of calling for any resignations.
Cavendish Asset management senior investment manager Paul Mumford who owns shares in Lighthouse through his Aim fund says: “The proposal was not thought through properly and not attractive to shareholders at all but I do not think the board or should resign. I think as a company it has been run well before and it was simply a case of the delisting being the wrong option for shareholders.”
Julian Telling, who owns a 5.14 per cent stake in Lighthouse says: “I think shareholders have voted and shows the level of opposition to the proposal which was simply not in their interests. The board have said it will be business as usual and that seems like the way it is going to be.”