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Two directors blamed for the near collapse of property services group Erinaceous have resigned after pressure from rebel shareholders.

Executive deputy chairman Neil Bellis and chief operating officer Lucy Cummings have agreed to resign from Erinaceous with immediate effect.

Major shareholder Fursa Alternative Strategies, a hedge fund, had originally called for an EGM to remove the directors.

On November 6, the company announced it had put Bellis and Cummings on gardening leave and said it was negotiating their terms of resignation.

Erinaceous recently fell into a loss-making position and called for emergency funding.

Despite the departure of the two directors, shares did not react positively to the news. By 10am on Tuesday, the stock had fallen 12% to 14.5p – some 26 times lower than Erinaceous's 2007 trading high of 389p in January.