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

PUBLISHED: Jul 31 2012 @ 06:49 | 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?

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @tomwinnifrith

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.