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Lighthouse shareholders set to vote on Quilter offer

Lighthouse shareholders are set to vote on Quilter’s £42 million offer, with the national advice firm needing 75% in favour for the deal to go ahead

Lighthouse shareholders set to vote on Quilter offer

Lighthouse shareholders are set to vote on Quilter’s £42 million offer, with the national advice firm needing 75% in favour for the deal to go ahead.

Earlier this month Quilter made an offer for the AIM-listed advice group, which Lighthouse’s board encouraged its shareholders to accept.

In an update on the deal this morning, Lighthouse said shareholders will vote on the offer at a court meeting on 8 May, or by proxy before this date.

‘It is important that, for the court meeting, as many votes as possible are cast so that the court may be satisfied that there is a fair and reasonable representation of Lighthouse scheme shareholder opinion,’ the update said.

For the deal to go ahead, it needs shareholders holding three-quarters of the firm’s equity to vote in favour of the acquisition.

So far Lighthouse’s shareholders have expressed mixed reaction to the deal.

Lighthouse investor Paul Mumford, who owns a 5.4% stake in the company through his Cavendish AIM fund, said he hoped a better offer would come along.

While David Newton, fund manager of Lighthouse’s biggest shareholder, the Helium Rising Stars fund, indicated the deal would represent a profit for his fund. However, Newton also suggested other higher bids might arise.

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