Cavendish Asset Management senior investment manager Paul Mumford has dismissed Lighthouse’s attempts to reassure shareholders over 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.