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Lighthouse delisting hopes may rest with former joint chief

Allan Rosengren 480

Lighthouse’s plans to delist from Aim appear to rest in the hands of former joint chief executive Allan Rosengren after a number of shareholders expressed doubts over the proposal.

Earlier this month, Lighthouse announced its intention to delist but has met opposition from shareholders. The firm needs 75 per cent of shareholder votes in order to delist.

Rosengren, who left LIghthouse to join Rowan Dartington’s discretionary management service Signature in March, has the highest shareholding with 14.7 per cent.

Paul Chase-Gardner, who has a 5.4 per cent stake, says: “This is not an attractive offer for shareholders. I think it is an attempt by the board to slip it off the market and free up cash. I will absolutely vote against it.”

Cavendish Asset Management senior investment manager Paul Mumford, who has a 5 per cent shareholding through his Aim fund, has urged shareholders to vote against the delisting.

ShareSoc, the trade body for individual investors, has also urged smaller investors to vote against the move.

Julian Telling, who holds 5.14 per cent, says: “It is not in the interests of shareholders. As a public company there is a great deal of transparency, being listed is in the best interests of shareholders and advisers.”

The Lighthouse board owns around 7 per cent. Chairman David Hickey says: “We remain confident in putting this to the shareholders.”

Other shareholders include LV=, with 6.5 per cent, Friends Provident with 5.9 per cent, Skandia Life Assurance with 4.8 per cent and Kames Capital with 3.5 per cent. All declined to comment but Money Marketing understands Skandia will vote in favour of delisting.

Allan Rosengren was unavailable for comment.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. As a lighthouse network member – i am extremely concerned over this matter no matter which way the vote goes. I fear we will be the next next network to go the wall and this will not be too far away. Time to start looking elsewhere I think

  2. I am a Lighthouse member too and have some faith, certainly in comparison to some of our peers. However, unless I am mistaken, this is not the first de-listing the chairman has overseen.

  3. Better the devil you know than the one you dont.

    Comparing Lighthouse with other networks, whilst I do not always agree with them, they have survived where as some of the ones who have trumpeted how successfull they were have gone down the pan. Have a bit of faith.

  4. The reasons given for wanting to delist make me uncomfortable. It seems to come down to the fact that they dislike the transparency and the onerous compliance requirements. To use RDR as an excuse at this late stage is bizarre. The share price has now plummeted. There appears to be nothing in this for the shareholders and the lack of transparency will be bad for the clients as well as the network advisers. They have 11 million in cash at the bank – what are they planning to do with that money – compensate the shareholders? I saw an article on Citywire where the Chairman has stated he has 90% sharehoder support but that seems to be overly optimistic now.I sincerely hope the right decision is made that will be in the best interests of the advisers and shareholders.

  5. Take the money

    “Open the box”

    TAKE THE MONEY!!!

  6. Be careful out there folks.

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