LONDON (ShareCast) - Shares in property services group Erinaceous were on the slide again today as the group revealed it was considering selling its insurance division to reduce debt.
The group has received a number of approaches from parties interested in buying Erinaceous Insurance Services (EIS). Although the newly appointed senior management team can see significant opportunities for developing what is already a highly profitable business, the Erinaceous Group board confirmed the sale of the division is one of the options being considered as part of the ongoing strategic review.
Irrespective of whether EIS is sold off, the board consider it probable that Erinaceous shareholders will see the value of their existing shareholdings significantly diluted as a result of any rescue plan the group implements.
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