Erinaceous is in emergency talks with lenders after coming close to breaching its banking covenants. The Sunday Times. The Daily Telegraph
The revelation is the latest piece of bad news for the group’s investors, who are bracing themselves for a weak set of results this week. Share in the AIM-listed ’one-stop shop’ property services group have already slumped by more than 70% in the past four months.
It is also understood that Fursa, a hedge fund that holds 6% of the company, is pressing for an extraordinary meeting to oust chief executive Neil Bellis and finance director Michael Pearson. Fursa is thought to have the support of about 40% of shareholders.