Lighthouse Share Discussion Threads

[graham1ty] 25/9/2013 12:44

HK
Has been up and down slightly because of some advisers failing to get qualified for RDR. There are alos inhouse IFAs, employees of Lighthouse, and external IFAs, effectively independent but supported by LGT in training, compliance, back office etc. Let me check it out

[harrykewell] 25/9/2013 09:35

Graham - Do you know how many IFA's are there in the group?

[graham1ty] 25/9/2013 09:02

Aren't really any analysts.......not a share traded.......not a mention on bulletin boards........off everyone's radar. Suspect an analyst would say "still too early to say if post-RDR will be profitable....cannot make a forecast"

[trader2] 25/9/2013 08:04

Graham - appreciate your rational analysis. Maybe they do deserve
credit? Lets see what the analysts have to say.

[graham1ty] 25/9/2013 07:43

Has been a complete transitional period, getting all their IFAs through exams, training etc. Am annoyed they do not indicate how many of these costs are one-offs (though also hate companies that have too many extraordinaries). They say £600,000 was additional investment in recruitment, training, technology and marketing. First three sound RDR specific and hopefully non-recurring. That addded back in and hopefully the underlying business still profitable.

Considering the main worry was that post RDR no clientsnwould actually be willing to pay up front for services, the fact that revenue per adviser went up was most encouraging

[trader2] 25/9/2013 07:09

Frustrates me that they simply can't eek out a margin. They are in financial services after all!!

Gross profit GBP7.51 million
Operating costs GBP7.46 million

[graham1ty] 25/9/2013 06:17

Results look good. Revenue per adviser has not been hit, and is actually rising.

Some cash been used in gearing up for RDR but still £8m on the Balance sheet. This is not the disaster that a 3.5p suggests

[bogotatrader] 12/8/2013 15:19

All quite today.....only time before the next leg up.....

[bogotatrader] 08/8/2013 12:46

Two small buys today one for 10k that took the offer out at 4p and then a 50k buy at 4.75p.....looks like some genuine interest in this one on value grounds.....will there be some M & A corporate activity...Rock Holdings et al have 7% built up...will they buy more stock to increase their holding....or might they be involved in making offer for whole company.....former CEO owns 15%.....

[cwa1] 08/8/2013 11:27

Nice to see a modest increase today. Just catching up with other small cap stocks? Now being allowed in ISAs? Some good news on the way? What? :-)

[bogotatrader] 07/8/2013 06:26

Do not think there is much stock around ....small 10k buy trade at 4p and then immediately Winterfloods go to 3.75p on the bid.....

[bogotatrader] 01/8/2013 06:28

Compare with quoted St James Place which has 1800 advisers, 35 billion under management but with a 'restricted advice model' under RDR and the potential for LGT with growing adviser numbers and a 'whole of market IFA proposition' the growth potential becomes clearer.....

[bogotatrader] 31/7/2013 19:47

Allan Rosengren has 15% holding.

Arron Banks
Rock Holdings Limited
Southern Rock Insurance Company Ltd - increasing stake and now 7%.....

Stakebuilding ahead of some M&A action?

Model of affinity groups such as unions etc. opens up big market for Lighthouse advisers - say each of the new advisers who joins firm is given one or two hospitals and schools to service union affinity members there - 10 new advisers a month ie 120 per year grossing average of 100k would result in 12 million gross per year of which Lighthouse would keep an average of 40% which equates to nearly 5 million pounds dropping to bottom line for one years intake of new advisers........interesting food for thought for medium term potential for profits on back or rising adviser numbers.....

[cwa1] 07/6/2013 13:14

Holding increased:-

[graham1ty] 20/3/2013 09:08

CWA, thanks for that link.......blimey Citywire taken a swipe at them. However, I am staggered that financial journalists, writing about a financial services company does not know the difference between losses and provisions. the headline loss is after massive write downs of CARRYING VALUES. this is non cash and has no effect on underlying profits. ( Ok, reflects past acquisition carrying value, but not really of any relevance today). You can argue more about the non-recurring costs taken, but the Board believes they are non-recurring.

LGT reported positive EBITDA and adjusted eps of POSITIVE 0.65p.

Not "increasing losses" as citywire headlines

[graham1ty] 20/3/2013 09:03

Absolutely no attempt to sugar the pill. The complaint at the time of the delisting battle was that they were undervalued AT 5P, and this put them in a disadvantageous position when it comes to any corporate action whether issuing paper, or being approached.

With silence, cut divis, and general obtuseness, they have managed to keep the share price down to 3.5p ever since. This is despite being profitable, with mind boggling cash, increased margins and apparently better returns per adviser.

A little more positive comment and a small divi could have got this back up to 5p with everyone feeling a little happier at no substantial cost

If I were Alan R, or Julian Telling, I would be buying more in the market now these are out. At the presentation last year we were told that the cash was split roughly one third regulatory capital, one third working capital and one third free cash. There was plenty of headroom to pay a dividend and compensate long suffering shareholders for the disastrous shareprice collapse in a profitable, cash rich company

[edmondj] 20/3/2013 08:16

They seem wedded to shareholder unfriendly policies, i.e. following the de-listing attempt with cancelling the dividend. That, and/or trading prospects also potential for customer redress have worried them. Incredible really, considering £10.5 million cash!

[cwa1] 22/2/2013 07:35

Some publicity:-



Former Lighthouse joint chief executive Allan Rosengren has upped his stake in the national advice group but insisted he has no intention of returning to the company.

Rosengren (pictured), who is the biggest single shareholder of Lighthouse, has bought 300,000 more shares, increasing his stake from 14.7% to 15%

'I bought around 300,000 more shares in Lighthouse a few weeks ago from the market because I believe they represent good value,' he said.

He added that he has no plans to return to the company. Shareholders had appealed for Rosengren to take the helm as they called for former chairman David Hickey to go in the wake of the group's ill-fated attempt to delist from the AIM market. But they withdrew that resolution after Hickey resigned.

Good to hear he still feels they are good value. Would be nice to get some good news from the compsny soon.

[cwa1] 21/2/2013 16:42

Holding(s) in Company



Lighthouse (AIM:LGT), the largest listed UK IFA advisory business, today announces that it received notification on 19 February 2013, that Allan Rosengren was interested in 19,164,080 ordinary shares of 1 pence each in the Company ("Ordinary Shares"), representing approximately 15.01 per cent. of the current issued share capital and voting rights of the Company.



In addition, Allan Rosengren is one of the two sole potential beneficiaries of the Falcon Retirement Benefits Scheme which holds 470,000 Ordinary Shares. These shares, as yet, have not been allocated.

[cwa1] 09/1/2013 12:17

Been a while since we had any new here:-

[graham1ty] 26/11/2012 08:44

Thanks for spotting this.

Well it had a lot of impact !! four trades since, largest about £4000 !!

The Company has done nothing to address the valuation issue. They complained when the price was 6p that they were undervalued, and should therfore delist ( at great expense and enormous cost to shareholders). Now the price languishes at 4p, they have nothing to say ( what can they say ?) about revenue post RDR. Ther has been no attempt to increase eps or asset per share by a buyback of these "grossly undervalued" ( I think that was the phrase they used in the Delsting doc) shares; no attempt to keep shareholders sweet by maintaining some sort of divi; no Director's buying ( if it is so dirt cheap); no attempt to buy out dissident shareholders through a partial tender.

Even with this rapid expansion, this will languish until there are realistic forecasts about the post RDR world.....and that will not be until the end of fiscal 2013, ie reported in May 2014. Are the Board really happy to let this languish for that long without action ( do not forget the delisting document highlighted their fears about their relative undervaluation if there was any corporate activity - that is doubly true now).

As an aside ( but a serious aside), and for those who have followed this saga. I never got any reply from the Chairman to my Open Letter ( see post above). Not an email, not a letter, not a whisker. I was offered a meeting with him......but he failed to attend !!

[toback] 19/11/2012 09:38

In todays announcement . . .

As announced at Lighthouse's Interim Results in September 2012, the Group has embarked upon an aggressive growth strategy, aiming to double the number of advisers in its whole-of-market national proposition, LFA. The aim to grow this division of the Group's business to 500 advisers by July 2015 will be supported by today's appointment and Ian's team working to develop the most targeted and relevant training for the Group's advisers.

Wonder how quickly this will filter through. Whilst it is good news the price is not going anywhere and needs a good kick up the proverbial.

Am just wondering whether there is better value elsewhere. Or whether to hold on as I guess it would not take much to get these to 10p.

[cwa1] 25/9/2012 15:04

Yes, good to see they have faith here:-