Big Yellow director resigns over share disclosure breaches

UK multi-millionaire David Ross has tendered his resignation from the board of Big Yellow Group, a UK real estate investment trust specialising in storage facilities. The company did not explain why Ross is stepping down, but it was later reported that he has also resigned from other directorship positions with other companies after breaching share disclosure rules.

Big Yellow revealed on Monday that Ross had pledged 11.45 million company shares to secure personal loans. The news cause the company’s share price to slide amid fears he might have to sell the stake.

This was despite the company’s assertion that he would not be forced to sell. 'David Ross has also notified the Company that none of these loans is currently in default and that he has no current intention to sell any of his shares in the Company,’ Big Yellow said in a statement. ‘In addition, he has given an undertaking to the Board to facilitate an orderly market, where possible, for any potential future disposal of shares in the Company.'

Big Yellow chairman Nicholas Vetch said: 'It is with sadness that we have accepted David's resignation. He joined the Board in March 2000 at the time of our IPO, and has provided tremendous support and has helped us steer Big Yellow over the past eight years.'

Ross, who is ranked as one of the top 100 richest people in the UK, resigned from his positions as deputy chairman of Carphone Warehouse on Monday and chairman of bus and train group National Express the following day. Ross has also resigned from organising committee for the 2012 Olympics in London.