Lighthouse de-listing bid to Fail – Time for Board to Pull EGM and Quit

PUBLISHED: Jul 25 2012 @ 07:50 | Comments (0) | More info about Tom Winnifrith

My pal John Lappin has produced a very good piece on the Lighthouse (LSE:LGT) EGM in which he reckons that more than 30% of shareholders will certainly vote NO. And I know a few more – this number does not include any private investors who we know are all voting no. So the delisting proposal will not get the 75% it needs. Frankly it might even be defeated.

I explained earlier in the week why shareholders must make the effort to vote, should vote no and should then demand the head of Chairman David Hickey. You can read that HERE.

That does not mean you should not bother to vote (in person or via proxy). Please do. If the board faces an outright defeat it must consider if it has the confidence of shareholders and can continue. My suggestion that Allan Rosengren be asked by the NEDS to return, slash PLC costs and double the dividend would have popular support. This is game on…the knobheads can be sent packing in a rare victory for shareholders against greedy boards whose interests are not aligned with those who own the business.

You can read John’s piece HERE

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