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Troubled property services group Erinaceous fell 20% to 1.8p after saying that it still hadn't secured a solution to its funding problems.

The business said its banks hadcommitted to provide on-going funding to the group and is in the advanced stages of a plan to achieve a solvent financial solution. This update will be of little consolation to investors who have been kept waiting for months on a resolution to the business's financial problems.

Erinaceous still hasn't made up its mind whether to sell its insurance services division. It has also dragged out an investigation on other ways to reduce the group's unsustainable debt levels.