Acquisitor, a Bermuda-based firm that wants to take control of Baltimore Technologies, plans to appeal directly to the company's 10,000 Irish shareholders for support at a meeting in Dublin.

The firm is seeking to find a suitable Dublin venue for the proposed meeting, at which Acquisitor's senior management will explain their opposition to Baltimore's current management.

An Acquisitor spokesman said yesterday that it would probably hold a "town-hall style" meeting in a pub on the evening of April 27th.

Acquisitor, which is the single biggest shareholder in Baltimore, is asking shareholders to vote in favour of its motion to dismiss the entire Baltimore board at an extraordinary general meeting (e.g.m.) due to take place on May 6th.

It blames Baltimore's management for a "shocking 99.6 per cent collapse in Baltimore's value from £5 billion [€7.5 billion\] to just £20 million."

It has also criticised Baltimore's plans to offer a £310,000 pay-off to Mr Bijan Khezri for stepping down as executive chairman.

The firm is planning shareholder meetings prior to the e.g.m. in Dublin and London, and will send letters to Baltimore shareholders outlining its position over the weekend.

Acquisitor needs to win over a simple majority of Baltimore shareholders at the e.g.m. to force the removal of the Baltimore board, which recently announced plans for the firm to enter the energy market.

Baltimore, which was once a high-flying technology firm listed on the FTSE 100, sold off all its operating units to cut its debts and is now a shell with cash reserves worth £24.7 million.

Acquisitor and Baltimore's current board of directors, led by Mr Khezri, are fighting for control of Baltimore's cash reserves and its stock market listing on the London exchange.

Acquisitor said yesterday that it had bought a further 130,000 shares in Baltimore, increasing its stake to 13.65 per cent. However, the firm faces a battle to persuade Baltimore's remaining shareholders to vote for its plan.

It is estimated that Baltimore has 45,000 shareholders, with most holding fewer than 500 shares. Baltimore's current board has already appealed for their support at the e.g.m. through a circular sent to shareholders this week.

An Acquisitor spokesman said the firm was finding it difficult to contact Baltimore's shareholders directly because about 42 million of the 54 million shares in issue were held in nominee accounts.

"We are having some difficulty getting the company to disclose who is behind these nominee accounts," he said.