Baltimore's board faces new assault

The board of Baltimore Technologies is facing into a new assault from Acquisitor Holdings, the investment firm that tried and failed to oust Baltimore's directors at an extraordinary general meeting (e.g.m.) last week.

Acquisitor said yesterday that it would push Baltimore to include a new resolution to sack the board at its forthcoming annual general meeting (a.g.m.). It wants to replace the board with its own nominees and gain control of the company.

The Bermuda-based company's last attempt to achieve this goal was defeated by a very narrow margin at the e.g.m. last Thursday.

A spokesman for Acquisitor said yesterday that the firm's efforts had been hampered last week by poor "visibility" on the identity of Baltimore shareholders whose shares are held in nominee accounts.

He said the issue of contacting these shareholders would be easier to overcome now that the firm has more time.

Just 20 million votes out of a possible 54 million were cast last week.

Baltimore has yet to set a date for its a.g.m., but is obliged to hold the meeting before the end of August.

A spokesman for the firm, which is currently a £25 million sterling (€37 million) cash shell, said the board was considering its position and would make a statement on the matter in due course.

Acquisitor also revealed yesterday that it had raised its stake in Baltimore to 16.38 per cent by buying 70,000 shares last Friday.

With a holding of this level, it is likely to be impossible for Baltimore to resist Acquisitor's latest attempt to steer it away from plans to use its remaining funds to enter the clean energy market.

In theory, company law would allow Acquisitor to continue putting similar resolutions to the board for as long as it wants.

"Acquisitor is still fundamentally opposed to Baltimore going into green energy," the offshore firm's spokesman said.