Lighthouse has failed in its attempt to delist from the Aim market after 53 per cent of shareholders voted against the proposal this morning.
The firm proposed to delist from Aim earlier this month but required 75 per cent of votes in order to push the proposal through.
Lighthouse chairman David Hickey says: “The business remains in good shape, being both cash positive and debt free. Looking forward the group will continue to comply with the Aim rules, and the board will continue to respect shareholders’ preferences.”
The group intended to move to a public unquoted structure but a significant number of shareholders raised their concerns about the delisting.
Former joint chief executive Allan Rosengren has the highest shareholding with 14.7 per cent. Rosengren had indicated his concern about the move. Money Marketing understands Rosengren voted against the delisting.
Paul Chase-Gardner, who has a 5.4 per cent stake, and Cavendish Asset Management senior investment manager Paul Mumford, who has a 5 per cent shareholding through his Aim fund, said they would vote against the plans. Julian Telling, who holds 5.14 per cent stake said the move was “not in the interests of shareholders”.
The Lighthouse board owns around 7 per cent.
Other shareholders include LV=, with 6.5 per cent, Friends Provident with 5.9 per cent, Skandia Life Assurance with 4.8 per cent and Kames Capital with 3.5 per cent. All declined to comment but Money Marketing understands Skandia voted in favour of delisting.
Following the vote, Lighthouse’s share price rose from 3.38p to 4.25p per share.