The decision by Lighthouse Group to de-list from AIM was "shoddy" and will disproportionately hurt the majority of shareholders, Cavendish Asset Management has said.
Financial adviser Lighthouse Group announced it plans to de-list from AIM, citing pressures brought about by the Retail Distribution Review (RDR) and regulatory changes yesterday. Paul Mumford, senior investment manager at Cavendish Asset Management and owner of Lighthouse Group shares as part of his AIM Fund, said the company was in decent situation at present, with a market capitalisation of £6m and £11m in cash. He said: "The Lighthouse Group management clearly thinks that there might not be much of a future for the company once the RDR reforms come into effect. "Whether this fe...
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