Town Centre Securities says directors Edward and Michael Ziff have disclosed the use of company shares as collateral against personal loans.
In a stock exchange announcement today, Town Centre Securities said Edward Ziff had pledge 312,622 shares held by the trustees of Will Trust No. 30 against a loan made to him in August 1993.
Similarly, Michael Ziff pledged 722,551 shares held by the same trust against a personal loan made in the same year.
The Financial Services Authority has imposed a deadline of today for directors to disclose any share pledges.
It made the move after Carphone Warehouse co-founder David Ross was forced to resign directorships in the mobile phone retailer, National Express and Big Yellow for failing to disclose the use of shares as collateral.
Yesterday, Mountview Estates chairman Duncan Sinclair disclosed he had pledged 400,000 shares to Barclays Bank as security for a personal bank loan and overdraft.
