Lighthouse – We Win. Time for Board to Walk – Bring back Rosengren

PUBLISHED: 31 Jul 2012 @ 10:49 | Comments (0) | More info about Tom Winnifrith

The prize shits who sit on the board of AIM listed IFA group Lighthouse (LSE: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 and for Allan Rosengren to step up to the plate and go back in charge. I have noted how he could save £500,000 a year on PLC costs without blinking. Pay that out as a larger dividend and the yield is 12% plus. Frankly Lighthouse could pay twice that enlarged amount and still have a fully covered payout and net cash greater than its market cap.

How about another EGM calling for Hickey to go and Rosengren to come back. Allan are you up for it? Would my new pals at ShareSoc join this fight too?

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