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Lighthouse update: Rosengren commits to Lighthouse return

Allan Rosengren 480

Former Lighthouse joint chief executive Allan Rosengren says he will return to his seat on the firm’s board if shareholders vote to sack chairman David Hickey.

Lighthouse shareholders Rock Holdings Limited and Southern Rock Insurance Company have today called for Hickey to be sacked and Rosengren (pictured) to be made a director of the firm.

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

The release says: “The Requisition has been received from Rock Holdings Limited and Southern Rock Insurance Company Limited, who together own approximately 5 per cent of the company’s issued share capital, and proposes the following ordinary resolutions: to remove David Hickey as a director of the company; to appoint Allan Rosengren as a director of the company; and to remove any other director appointed pursuant to the Articles between the date of the Requisition and the conclusion of the General Meeting.”

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

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

Lighthouse chief executive Malcolm Streatfield has confirmed to Money Marketing there will be a vote.

He says: “Clearly the board has received the proposal and we will be sending out a communication to shareholders in due course within 21 days as we are required to do.”

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

In July, the firm put forward plans to delist from Aim but required 75 per cent of votes in order to push the proposal through.

The group intended to move to a public unquoted structure but a significant number of shareholders raised their concerns about the delisting.

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Calling shareholders ignorant is no vote winner so it was no surprise that Lighthouse was significantly defeated in its attempt to take the company private. Rosengren is a man of utmost integrity, I’ll be buying shares and supporting the resolution.

  2. ‘The Board’ will not do this because they were all in it together. Not one of them understand ‘moral’ and ‘decency’ as they believe firmly that they have the monopoly on everything correct.

    Start with the ‘ignorant’ one but do not stop there. As for re-appointing anyone I suggest you look very very carefully into what was in it for anyone to have so readily moved aside previously before rushing to bring back the old guard – the £3m put aside for Falcon ‘legacy’ wasn’t all about poor advice!!!!

  3. This is excellent news. After the crazy delisting proposal and the “ignorant and ill informed shareholders” comments he certainly deserves to go and I, for one , will be voting for the proposals.

    I’ve already upped my holding since the previous vote.

  4. I sincerely hope the shareholders who have proposed the dismissal of mr Hickey get their wish. I was disappointed with this Chair’s comments as stated above. Most of all he has done nothing to promote the Company, get the share price up, has made it clear he does not want to Chair a listed Company and has said his job will now be more difficult. He gets paid a huge salary to boot. He should just resign with dignity and let Mr Rosengren run the Company of which he helped grow and is passionate about.

  5. Does anyone know for the requisition to succeed what % of votes is required in favour?

  6. Common sense prevails at last! I too shall buy shares so I can support the vote to rid the company of Hickey! Rosengren, solid, reliable and honourable, will be a breath of fresh air

  7. Why is D Hickey still clinging to office? Why haven’t his fellow Directors shown him the door? This man has not helped himself one jot. Having called shareholders “ignorant” and “ill informed” he has proceeded to whinge that his former colleague caused the 53% against vote and then has further whinged that his job will now be more difficult. He has not wanted the Company to be listed. He does not support the listing. Hickey has systematically been hell bent on getting the share price as low as possible to try and justify his wish it would seem (as it just too much like hard work running a listed company). Yet “he is grossly overpaid and has allowed PLC costs to escalate badly rather than increasing the dividend as he should have done and could have done given that Lighthouse has stacks of cash and is profitable and cash generative. Rosengren will restore the balance” – last quote from Tom Winnifrith and I heartily agree. Mr Hickey – do not stay where you are not wanted and where you do not truly want to be (other than happily lapping up your huge salary and annual bonus). This may sound harsh but I would rather have a Chairman who cares about the Company, its shareholders and its advisers than one who seems to only care about himself – as his comments seem to prove.

  8. I believe in situations like this a simple majority is required. I am amazed that the board didn’t seek Mr Hichey’s resignation after such an embarrassing defeat last month. As Mr Hickey isn’t interested in running a quoted business he should step down and go quietly so that someone who is passionate about the business, its advisers and its shareholders can take over.

  9. Why is D Hickey still clinging to office? Why haven’t his fellow Directors shown him the door? This man has not helped himself one jot. Having called shareholders “ignorant” and “ill informed” he has proceeded to whinge that his former colleague caused the 53% against and then has further whinged that his job will now be more difficult. He has not wanted the Company to be listed. He does not support the listing. Hickey has systematically been hell bent on getting the share price as low as possible to try and justify his wish (as it just too much like hard work running a listed company. He is paid a huge salary and bonus. He has been in charge whilst PLC costs have soared rather than increasing the dividend for shareholder benefit. Lighthouse is cash rich, profitable and cash generative. Mr Hickey – do not stay where you are not wanted and where you do not truly want to be (other than happily lapping up your huge salary and annual bonus). This may sound harsh but I would rather have a Chairman who cares about the Company, its shareholders and its advisers than one who seems to only care about himself – as his comments seem to prove. So please bring back Rosengren who will turn the Company around and make it head the way it should.

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