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By Donia O'Loughlin | Published Sep 03, 2012

Lighthouse shareholders withdraw Rosengren demand

Two institutional shareholders controlling around 5 per cent of listed IFA firm Lighthouse Group have withdrawn a requisition order demanding a meeting to vote on the reinstatement of Allan Rosengren as chairman, following the departure of previous chair David Hickey.

A stock exchange announcement from the Lighthouse Group on 15 August stated that Rock Holdings and Southern Rock Insurance, had put forward three resolutions, following shareholders rejecting Lighthouse proposals to de-list from the Alternative Investment Market.

The three resolutions proposed were to remove David Hickey as chairman and director, to re-appoint Allan Rosengren as director and chairman, and to remove any other director appointed before the meeting took place.

The order has been withdrawn following David Hickey’s resignation last week, following a shareholder rebellion over plans to delist the company from the London Stock Exchange’s Alternative Investment Market.

In July the board announced that was seeking a to delist from Aim as it stated a belief that investors are increasingly reluctant to invest in or own independent advice firms ahead of the Retail Distribution Review.

Following the shareholder rejection of the plans, Mr Hickey told FTAdviser that the arguments in favour of de-listing remained persuasive and indicated he would stay with the firm by adding that that the ‘no’ vote would not “affect the operation of the company” but would simply “make my life harder”.

However, he resigned last week amid ongoing opprobrium that the proposals had engendered among shareholders, which saw the delisting defeated in a vote at a meeting convened on 25 July, with around 53 per cent of shareholders voting against the resolution.

Richard Last, who took over as non-executive chairman of Lighthouse immediately following Mr Hickey’s departure, said: “The withdrawal of the requisition notice brings to an end a period of uncertainty for the group and will enable the board to concentrate on running the business for the benefit of all stakeholders.”

Mr Rosengren, who left the firm last year, owns 15 per cent of Lighthouse.

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