Two Erinaceous founders have resigned from the board, it was revealed this morning.
Former chief executive Neil Bellis and chief operating officer Lucy Cummings had been the focus of shareholder anger at the troubled property services firm.
EGM withdrawn
In October Fursa, the hedge fund that holds a 19% stake in Erinaceous, requisitioned an extraordinary meeting demanding the removal of Bellis and Cummings from the board. Earlier this month the pair were placed on garden leave.
Erinaceous confirmed that Fursa has now withdrawn its call for an EGM.
Focus
In a statement to the Stock Exchange, Erinaceous chairman Nigel Turnbull said: 'I am pleased that the issues raised by the shareholders' EGM requisition have been addressed satisfactorily.
Restructured
'Over the past two months we have restructured the Board, appointed new corporate management, and strengthened our team of professional advisors.
‘The Board's focus now is to complete the strategic review announced at the interim results.'
No mention was made regarding severance payments for the duo, who hold a combined stake of more than 15% of Erinaceous.
Bellis and Cumming were the focus of shareholder dissent after the company revealed in September that it had made a first-half loss and breached its banking covenants.
