Former Lighthouse boss backs de-listing opponents
Former chief executive of the Lighthouse Group Allen Rosengren has backed calls for the advisory firm to remain listed on the Alternative Investment Market.
Mr Rosengren, who left the firm last year and owns 15 per cent of the company, said the board owes it to shareholders to remain listed.
He said: “The board of directors of a business that has gone through the process of becoming quoted and, in doing so, sought external private and institutional investors owes it to those shareholders to continue to operate as a listed entity, or make a sensible cash offer for their shares.”
The remarks follow proposals from the Lighthouse Group to de-list from Aim.
Paul Mumford, senior investment manager for Cavendish Asset Management, who has a 5 per cent holding in Lighthouse Group shares in his £17m Aim fund, who has been a vocal opponent of the de-listing, welcomed Mr Rosengren’s intervention.
He said the Lighthouse Group should either maintain its listing or make shareholders a reasonable cash offer based on pre-announcement valuations.
Mr Mumford added: “The current management is looking ever more isolated in its stance that de-listing is in the best interests of the company.”
Lighthouse sent a statement to shareholders this week in order to reassure them with regard to its proposed de-listing from the Aim.
Among other concessions to shareholders, the statement offers a matched bargain arrangement where to allow shareholders to dispense their ordinary shares. Lighthouse also denied rumours that its management team is using the move to buy out the company.