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Lighthouse - Recommended offer for the company

May 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • LGT
  • Price:
  • 33p
Lighthouse has announced a recommended cash offer from a division of Quilter at 33p a share. Quilter is a network of over 3,500 advisers, including independent financial advisers, mortgage and protection advisers and over 1,600 restricted financial planners.  The deal has the backing of directors and the top three shareholders, accounting for 43.5% of the shares. Quilter is paying £46.2m for Lighthouse, which has £4m in excess cash on its balance sheet, so is effectively paying £42.2m. In its hands it will generate £2m cost savings, which means it is buying the business on c.10x historical earnings. This looks a bit of a give-away price and a defeatist move by directors. With some scope for a counte ...

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