AIM Listed IFA group Lighthouse (LGT) is to be forced to hold a General Meeting to vote on proposals to boot out Chairman David Hickey and bring back ex CEO Allan Rosengren. This follows Hickey’s failed attempt to get Lighthouse delisted – a move I opposed bitterly.
Hickey has been a disaster for shareholders. With a small holding himself he is grossly overpaid and has allowed PLC costs to escalate badly rather than increasing the dividend as he should have done and could have done given that Lighthouse has stacks of cash and is profitable and cash generative. Rosengren will restore the balance.
At the GM for the delisting 46 million shares were cast Hickey’s way and 53 million against. 29 million shares did not vote. So do not assume that this is a shoe-in
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