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.