9 Dec 2009 09:25
| Press Release | 9 December 2009 |
Lighthouse Group plc
('Lighthouse' or 'the Company')
Directors' Interests
The Lighthouse Independent Financial Advisers Limited Remuneration Trust ("EBT") has previously allocated shares on a revocable basis to a number of current and former employees, including directors. The 2008 Lighthouse Annual Report fully disclosed the details relating to current directors.
On 8 December 2009, the EBT Trustee made irrevocable, a number of previously revocable allocations.
Making the EBT allocations irrevocable has, inter alia, crystallised PAYE and other obligations for all beneficiaries, including two directors, Messrs Hickey and Streatfield for whom those obligations are currently estimated in aggregate at approximately £237,000. Rather than place sufficient of the EBT shares to fund these obligations, as is the usual practice, Messrs Hickey and Streatfield have instead elected to fund these obligations to an aggregate amount of £187,000 from their own resources. On 8 December 2009, of the balance amounting to £50,000, £25,000 has been funded by a sale of shares to Mr. Richard Last, a non-executive director of Lighthouse at 8p per share and the remaining £25,000 sold in the market.
As a result of the EBT allocations and the associated arrangements detailed above, the directors have increased their aggregate beneficial interests in the issued share capital of the Company by 6,912,161 shares.
Following the EBT allocations and the related share purchase, the directors' interests in the shares of Lighthouse are accordingly now:
| Mr. David Hickey | 5,161,772 or 4.04% (previously 428,750 or 0.34%) (1) |
| Mr. Malcolm Streatfield | 2,145,397 or 1.68% (previously 278,758 or 0.22%) (2) |
| Mr. Richard Last | 812,500 or 0.64% (previously 500,000 or 0.39%) (3) |
| 1 | 1,449,537 shares held in Mr. Hickey's Self Invested Personal Pension Plan |
| 2 | 1,168,615 shares held in Mr. Streatfield's Self Invested Personal Pension Plan |
| 3 | 602,500 held in Mr. Last's Small Self Administered Scheme |
David Hickey, Executive Chairman at Lighthouse, said:
"Cash payments in excess of £200,000 by directors represent a very substantial commitment to Lighthouse."
-ENDS-
For further information, please contact:
| Lighthouse Group plc | |
| David Hickey, Executive Chairman | Tel: +44 (0) 20 7065 5646 |
| Peter Smith, Group Finance Director | Tel: +44 (0) 117 933 0754 |
| www.lighthousegroup.plc.uk | |
| Shore Capital and Corporate Limited | Tel: +44 (0) 20 7408 4090 |
| (Nominated Adviser to the Company) | |
| Dru Danford / Stephane Auton |
Media enquiries:
| Abchurch Communications | Tel: +44 (0) 20 7398 7700 |
| Heather Salmond / Joanne Shears / Nick Probert | Tel: +44 (0) 20 7398 7715 |
| joanne.shears@abchurch-group.com | |
| nick.probert@abchurch-group.com | www.abchurch-group.com |
| Winningtons PR | |
| Tom Cooper | Tel: +44(0)117 920 0092 |
| tom.cooper@winningtons.co.uk | www.winningtons.co.uk |
About Lighthouse Group plc
Lighthouse Group is the largest autonomous provider of independent financial advice, wealth management and distribution of retail financial products in the UK, with in excess of £6 billion of funds under advice. The Group is cash generative, profitable and dividend paying.
Lighthouse Group provides support to approximately 900 IFAs across the UK who, in turn, provide fully independent financial planning advice to both private and corporate clients via its operating divisions.
Based in major operational centres across Britain, the Group has grown through both organic growth and key strategic acquisitions since being admitted to AIM in October 2000.