Lighthouse shareholders call for Rosengren return
Two Lighthouse shareholders have called for a general meeting of the company to ask for director David Hickey to be removed and replaced by former chief executive Allan Rosengren.
The move comes after controversial proposals from Mr Hickey, chairman of Lighthouse, to de-list from the Alternative Investment Market were rejected.
A stock exchange announcement from the Lighthouse Group said the request came from Rock Holdings and Southern Rock Insurance, who own approximately 5 per cent of the company.
The resolutions are:
- to remove David Hickey as a director.
- to appoint Allan Rosengren as a director.
- to remove any other director appointed pursuant to the articles between the date of the requisition and the conclusion of the general meeting.
The statement said: “On the basis that the requisition is not withdrawn, the company will shortly and by no later than 3 September send a circular to shareholders containing the notice convening the general meeting.
“Shareholders are advised by the board not to take any action in connection with the general meeting at this stage but should wait until they have received and read the circular.
More than half of investors in the Lighthouse Group - 53.17 per cent - voted against proposals to de-list at the meeting, which was held on 31 July.
Mr Hickey, who had unveiled proposals last month for Lighthouse to de-list, claiming it was no longer advantageous, said after the result: “The business remains in good shape, being both cash positive and debt free.”
He said the firm would continue to comply with Aim rules and respect shareholder preferences.
Mr Rosengren, who left the firm last year, owns 15 per cent of Lighthouse.