Sovereign Oilfield Group, of Aberdeen, said yesterday that its chief executive, Graham Burgess, and deputy chairman, Peter Felter, had pledged their total stakes in the firm as security against loans.
Mr Burgess’s stake of just over 5million shares represents 29.01% of Sovereign’s issued stock, while Mr Felter’s 4.83million shares make up 27.88% of the firm.
The company’s shares were suspended from trading on September 26 because its annual report and accounts had not been published within six months.