4169 days ago
I noticed this morning that AIM Listed Lighthouse Group (LGT) had put out a rather dull announcement. As such it was on my radar and as I sat down on the train from Bristol to London who should wander in but ex Lighthouse boss Allan Rosengren. I learned that Rosengren is Swedish not Norwegian as I had assumed and that he had bought a few more shares in Lighthouse taking his holding to 15%. So should we all follow him?
4467 days ago
The summer campaign to stop the chairman of AIM listed IFA Group Lighthouse (LGT) from taking the company private and then to have him booted out and replaced by former CEO Allan Rosengren has almost been won. Rather than face a second humiliation in two months at a forthcoming EGM called to boot him out, Hickey has resigned. That is a start. But not enough.
There is a new chairman from the existing board. Rosengren has not been called back yet. The whole board signed up to the appalling de-listing proposal
4481 days ago
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
4497 days ago
The prize shits who sit on the board of AIM listed IFA group Lighthouse (LGT) have been defeated. They wanted it to go private so they could stick their noses in the trough even more. Lighthouse needed 75% of the vote to get the de-listing approved. In fact the shareholders voted 54% to 46% against the delisting.
This site led the way in pointing out that the idea was a crap one and also that it was bound to be defeated. I spoke to Allan Rosengren the ex CEO who owned 14.6% of Lighthouse regularly and knew he was voting no. But the board ploughed on wasting more shareholders cash even though they were bound to lose and knew it. That alone should be a resignation matter for chairman David Hickey.
This whole affair is humiliating for the board which now has ZERO mandate to continue in office and which has done sod all to create shareholder value. In fact it has destroyed it.
I now publically call on chairman David Hickey to resign with immediate effect
