Lighthouse Share Discussion Threads

[davidosh] 18/7/2012 09:33

If you have ShareSoc behind you then you are much stronger as a group of shareholders. You should all join if not already members as there is a lot going on to help as you will see from their website and their newsletter is released tomorrow with much more content on Lighthouse I am sure. You can join for free at www.sharesoc.org

[acta_topup] 17/7/2012 23:59

It is never as clear as you think. Similar situation at YCO which we almost succeeded in blocking, but I have come to realise that the world is a very murky place indeed. Even at this level. The interrelationships that lie behind these kinds of situations are often pretty unwholesome, and the private investor is in an extremely weak position.

[davidosh] 17/7/2012 23:54

I honestly think shareholders should hold on and vote against this delisting. The Asset Management shareholders on the register are almost certainly there purely because they will be looking after the Funds generated by the Lighthouse Capital side of the business and earning fat fees so they are unlikely to go against the board as they want business to continue. They know the listing is not crucial to their fees and the shareholding is worth peanuts by comparison.

It will be the former board members and vendors of businesses sold into Lighthouse that are crucial to blocking this and of course the 20% or so of shares held by small funds that are not conflicted such as Cavendish and private investors as represented by ShareSoc

[toback] 17/7/2012 15:47

Good of him to speak to some shareholders and not others - I contacted him and he has not bothered to reply to me. Maybe if you only speak to those in favour you could get 90%

I have registered my no vote anyway FWIW.

[sailing john] 17/7/2012 12:05

Given recent press and the fact that I think most shareholders won't vote I have decided to run for the door and sold at 2.9 (75640) this morning. Probably shows as a buy as the spread was 2.75/3.0 at the time. I assume there is a willing buyer as no problem selling above mid.

The company is worth significantly more than 2.9p imo but I like to be able to realise my investment when I choose to and not wait for a potential bidder or rely on dividends with no option to cash in.

Good luck whatever you decide to do. I will continue to watch from the touchline!

SJ

[davidosh] 17/7/2012 09:47

I would like to see David Hickeys list of 20 to 30 who have said they like the delisting? He also claims he has spoken to only two who are against it ! He must be deaf in one ear!!

[cwa1] 16/7/2012 15:06

This has been managed in the same was as usual by Shore when they are legging over shareholders in favour of the company directors pace Lees Foods of recent times.

I have holdings with both of Sippdeal and Selftrade. Sippdeal have issued the cancellation statement and at the bottom of the message say: no response required. Selftrade say: further information may follow in due course(don't hold your breath).

In both cases you have to be aware of the situation and actively know that you have to vote no(if that is what you wish to do). The default of not doing anything except for meekly going along with what is suggested by the board seems to be what most people will do probably not knowing what is at stake for them.

PLEASE make sure you get in touch with your broker as SOON as you possibly can-they take ages to process these things-and ask them to vote NO to the reolution to cancel the listing on AIM. Also, please ask them to confirm that they have done so. Also pass on the word to all other holders where you can. Thanks.

Can't really believe being here so soon again after the Lees Foods debacle with Shore Capital, only this time it is even worse.

[sailing john] 16/7/2012 14:51

No point in attending imo. The vote will either be yes or no - nothing to be said at the meeting that we don't alrteady know from RNS. (and past similar experience)
SJ

[davidosh] 16/7/2012 14:32

How many are going to attend the meeting?

[sailing john] 16/7/2012 14:10

Just emailed Halifax requesting vote against delist with my holding
They have posted a notification but no online system for voting which some brokers do.
I think we will have to be proactive if we want to have a say
SJ

[toback] 15/7/2012 19:38

I have contacted Hickey too - to no avail.

Doesn't give a toss methinks . . .

[davidosh] 14/7/2012 13:09

I have tried to get hold of David Hickey on the number given on three occasions but no success and even Shore are not returning my calls. Anyone else had any joy?

[graham1ty] 12/7/2012 16:09

Two additional comments.

From a Lighthouse previous year's Annual report. "The FSA'sTreating Customers Fairly initiative...........The Group's culture reflects TCF principles at all levels".

Are all shareholders being treated fairly ?

Second, Shore Capital are advisers again to a company delisting. The title of their last research note ( dated 12 March 2012, price 6.25p): "Lighthouse Group: Taking the appropriate action"

Do they believe that now ?

[graham1ty] 12/7/2012 16:09

First of two articles in FT Adviser

Second:

[toback] 12/7/2012 09:20

Punter walks in to an IFA and says "I have a small pension fund what would you recommend I do with it?"

Answer: "give it to me to look after as I am reputable and regulated and I will immediately reduce the value of it by over 50%"

[graham1ty] 12/7/2012 08:33

Punter walks into an IFA on the High St and asks the question: "should I invest in an unquoted company ?" What would the IFA say ?

[harrogate] 11/7/2012 16:13

Given he was never going to be able to sell in the market I think you could find he will be happy with the take private since he will clearly be kept in the loop and a sale of the company is as likely in the future as it was when listed. I am sure he will have been sounded out.

[graham1ty] 11/7/2012 14:42

Which way will Rosengren vote ? He sold Sumus where he held 9,880,000 shares valued at 42.3p per Sumus share, or £4.2m, effectively 22.5p per Lighthouse share on conversion. He received 18.8m Lighthouse shares. They never really went higher than 22p after the Sumus merger.

They are now worth ( at 2.75p bid as I write) £518,000 or a fall of 88%. Bet he is happy he took shares rather than cash.........being part of Lighthouse has destroyed every bit of value he had in Sumus and written off his personal wealth.

Which way to vote ???

[graham1ty] 11/7/2012 14:34

Total Board pay ( stripping out the compensation paid to Rosengren) was £1,139,000. EBITDA was £1,601,000, so Directors pay was 71% of EBITDA !!

[davidosh] 11/7/2012 11:38

I do not think that cost savings would amount to 300k and most would have a negative affect on corporate governance by cutting them. I doubt real savings that do not detract from the running of the company to the benefit of shareholders can be more than 80k and if most wanted to invest in unlisted entities then they would do so rather than have it forced on them.

I am now aware, having looked at remuneration, that bonuses paid in the last AR suggest that the board would only need to look at themselves in the mirror to see easier cost savings...Shocking stuff!

ShareSoc is looking very closely at all the background to this announcement and will issue a press release in due course. I do not think that shareholders should do anything until they have seen the amount of support that is clearly against this action by the Board.

[pwhite73] 11/7/2012 11:35

Graham

Immoral but not criminal. Regrettably that's exactly what happens. Who do you think is soaking up all the sells of a company who's shares are soon to become worthless? Those who gain from delisting vote.

[deadly] 11/7/2012 09:53

I have 40k shares and will vote against fwiw.