Baltimore Technologies will hold an extraordinary general meeting next month after a top investor in the company called for the board's dismissal and rejected its new strategy.
The former FTSE 100 .FTSE company, once an Irish star of the Internet technology boom, is now a British-based cash shell worth just £22 million sterling. It said last month it intended to reinvent itself as a service provider that would help businesses cut their energy bills.
Baltimore BLM.L is under pressure from its biggest shareholder, Bermuda-based Acquisitor Holdings, to maximise returns from a £24.7 million cash pile it has held since selling its trading operations, including its core Internet encryption technology.
Acquisitor dismissed the new strategy as contemptuous to the firm's long-suffering shareholders and is calling for the removal of the entire board, including Chairman Bijan Khezri.
It requested the extraordinary meeting, which will be held in central London on May 6th, Baltimore said on Tuesday.
Acquisitor is proposing a new board "committed to investigating the activities of Baltimore's existing and former directors and would seek to recover, where possible, some of the company's squandered value".
The technology company said it would answer all Acquisitor's questions either in a circular to shareholders announcing the EGM or in the group accounts to be filed with the US Securities and Exchange Commission.