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Shareholders vote against Lighthouse delisting

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.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Now waiting for the board to change the habit of a lifetime and do the honourable thing – swords are awating to be fallen upon !!

  2. Why did they want to delist anyway? 😉

  3. @ Loving it. You should always be very careful what you wish for.

  4. Honourable?? I don’t think so!
    I doubt that they will – but I can find them a sword in case they change their habits and become honourable!!

  5. @ Richard Wright
    It is not my ‘wish’ because the fall-out of such an action could be disasterous for too many good people. But I am afraid – hindsight may well
    tell us that this event was the first ink on the wall. We do not need another major business failure in our industry, but nor do we need so called business leaders who are not even in touch with their own shareholders. DH was quoted as viewing that 90% agreed with him. The board had an agenda which they went public with and handled it in a very poor way leading to a massive fall in share price – how can it survive in its current form? They have decimated shareholder value!!
    And as I clearly indicate, my dealings with this business provide sufficient evidence that they will not do anything other than that which suits their own personal position so unless the shareholders vote a ‘no confidence’ there will be no changes.

  6. So Mr Hickey has circulated a letter to all Lighthouse staff saying that his proposition was lost by a narrow margin. As the vote was 53% against the resolution and Lighthouse required 75% of the vote he lost by a large margin.
    Unfortunately yet more spin, time for the chairman to admit defeat and make way for someone else.

  7. anonymous of 2.37pm. any chance of seeing a copy of that letter ?

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