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Mumford dismisses Lighthouse attempts to reassure shareholders

Cavendish Asset Management senior investment manager Paul Mumford has dismissed Lighthouse’s attempts to reassure shareholders over its proposed delisting from Aim.

The firm today tried to reassure shareholders that its management is not looking to take control of the group, ahead of a vote on its proposed delisting from Aim.

Mumford, who has a 5 per cent shareholding in Lighthouse as part of his Aim fund, says: ‘Quite simply, the statement makes not one jot of difference to the situation. I again strongly urge shareholders to vote against the delisting on the basis that shareholder value has been and is being destroyed. At the very least, the Lighthouse Group should be prepared to make a cash offer at the pre-announcement price to those who do not want unquoted shares.”

Lighthouse intends to move to a public unquoted structure but requires the approval of 75 per cent of shareholders with a shareholder meeting set for 31 July. A significant number of shareholders have raised their concerns about the delisting.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. I am a netowrk member and do not like what is happening. What will happen tothe board if the vote is stay on the AIM? Does this then make the current board members positions untenable? Where will the netowrk end up? All very unsettling.

  2. I am a network member too. It has been unsettling since the 2008 merger and the destruction of the other management structure. I have considered leaving but I have put so much into that 11 million of cash that I do not feel I should be the one to go. I think it will be of a great benefit to all of us advisers and shareholders if we did have a change at the top as I have had no benefit from this current set up.

  3. Probably time for the Chairman to go. One minute he is saying that Lighhouse could be sold too cheaply then he says that it is not saleable. I’m not convinced the board knows what it is doing. A listing is expensive to obtain but has some value in its own right. I would welcome the return of Allan Rosengren, a man of upmost integrity and vision. I hope the shareholders follow Paul Mumfords lead.

  4. If you are hanging around for a payout you will be left grasping at straws.

  5. No payout is coming – unless the Board gets spooked and their ego gets in the way. They have been on the gravy train for too long and taken rather then given. The Chairman has to go absolutely. Then the rest should follow. Hopefully then we will get back a decent Board and management team who care about the Company (& not just little boys in posh suits!). As they say from little acorns…..Rosengren & Telling can stand tall and be proud of the company they bulit …..hope they can disperse of those damned cuckoos who flew into the Falcon nest!

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