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Lighthouse shareholders to back board reshuffle

David Hickey Lighthouse

Lighthouse shareholders say they will back calls to sack chairman David Hickey and replace him with former joint chief executive Allan Rosengren.

Last week, shareholders Rock Holdings Limited and Southern Rock Insurance Company called for Hickey to be removed and for Rosengren to be made a director of the firm.

Rosengren left Lighthouse in October. He remains the firm’s biggest shareholder with a 14.7 per cent stake.

A statement on the London Stock Exchange reveals Rock Holdings and Southern Rock, which own around 5 per cent of Lighthouse shares, are calling for the board to hold a general meeting to vote on the move.

Rosengren says he will return to his seat on the firm’s board if shareholders vote through the proposals.

The Lighthouse board failed in its attempt to delist from Aim last month after 53 per cent of shareholders voted against the proposal.

At the time, Hickey said Rosengren influenced shareholders’ votes by making comments suggesting that Lighthouse owes it to shareholders to continue to operate as a listed entity, or make a sensible cash offer for their shares. Rosengren denied he influenced shareholders’ decisions.

Cavendish Asset Management senior investment manager Paul Mumford, who owns around 5 per cent in Lighthouse through his Aim fund, says: “Obviously there are a lot of unhappy shareholders at the moment and that would suggest they will vote in favour of removing Mr Hickey. As things stands, I am minded to vote for Rosengren to return.”

Former Sumus director Julian Telling, who worked with Rosengren when he was chief executive of Sumus, has a 5.14 per cent stake. He says: “In any other public company, the board itself would have removed David Hickey. I think it is time for a change and I will be voting for Hickey to go and Allan Rosengren to come in.”

Speaking to Money Marketing, Rosengren says: “If shareholders elect for the proposals to go ahead, then I will be more than happy to serve in whatever capacity I am required. I intend to vote in favour of all three proposals set out in the requisition.”

Lighthouse will make a statement to shareholders within 21 days.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. FInancial Adviser South West 23rd August 2012 at 8:42 am

    Agree with Mr Telling albeit I would take it one step further and insist the whole Board resigned along with key players in its senior management team – and appoint fresh loyal blood – otherwise watch your back again Mr Rosengren!

  2. Totally agree with Julian Telling! Rosengren has the enthusiasm to drive the company forward and re-build shareholders faith.

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