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Lighthouse – Chairman goes. Hooray. More changes still needed.

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The summer campaign to stop the chairman of AIM listed IFA Group Lighthouse (LSE: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.

© Image copyright sroca

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 (which I attacked here, here and here). The whole board has allowed PLC costs (and boardroom pay) to spiral. So it is good news that Hickey has gone. He will not be missed.

But shareholders need to keep pressing to bring Rosengren back and to allow him to replace other directors with folks who were not party to the disgraceful de-listing proposal. And to start firing those advisers who work tirelessly (and at great cost) to try to bully shareholders into accepting an idea that was not in their best interests.

If the surviving Lighthouse directors think that the battle with those who actually own the company (i.e. shareholders) is over they need to think again.

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