Fursa, the hedge fund that has built up a 19% stake in troubled property services firm Erinaceous, today said it had delivered its requisition for an extraordinary meeting to oust two of the company’s founders from the board

In an announcement to the Stock Exchange, Fursa said it wanted a meeting to allow shareholders to vote on proposals to immediately remove former chief executive Neil Bellis and chief operating officer Lucy Cummings from the board.

Unsatisfactory performance

‘Fursa believes that a change of the senior leadership of the company is necessary if the company is to create value for shareholders in the future,’ it said.

‘Under the current leadership the company has suffered from unsatisfactory operational performance culminating in breaches of certain banking covenants and a loss of investor confidence, which has been illustrated by the collapse in the company's share price over the course of this year.’

Fursa said the requisition had been made by shareholders holding in aggregate 14.3% of the total voting rights of Erinaceous, and that it expected more than 50% of the company’s shareholders to support its proposals.