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.