Erinaceous, the property services firm, has taken another whacking today. Shares are down 33% at 11p after the announcement that two directors are stepping down immediately. Neil Bellis, the executive deputy chairman, and Lucy Cummings, the chief operating officer, have both resigned.
This follows a profit warning at the beginning of the month, along with a requisition for an EGM made by Fursa Alternative Strategies, the US hedge fund, asking for the two directors to be removed.
The hedge fund started its campaign to remove Bellis and Cummings in October, saying that in return, it would consider supporting any potential fundraising planned by the troubled company. They also want to incorporate management they choose.
It seems their wish has been partly granted today with the resignation of Bellis and Cummings, and accordingly, the EGM requisition has been withdrawn. It remains to be seen who exactly will replace them.
For the record, shares in the company have suffered a spectacular fall this year, down around 97%.
In January, things seemed to look up for Erinaceous after an upbeat trading statement, but since then, shares have progressively deteriorated, as potential bidders for the firm have walked away.
