The battle for control of Baltimore Technologies took another twist today with the claim that its major shareholder had not notified the company of its board nominations within the stipulated time period.
Baltimore is expected to face a challenge from Bermuda-based investment company Acquisitor Holdings at an extraordinary general meeting on Thursday.
Under Baltimore's internal rules, notification of nominations to the board must be made between seven and 42 days before an EGM.
Acquisitor notified Baltimore of its five nominations to the Baltimore board on March 19th, meaning the notification period has now elapsed.
Baltimore said today it has been advised in "unequivocal terms" that the time lapse renders invalid the resolutions proposed by Acquisitor for the appointment of the directors.
Baltimore is opposing all resolutions proposed by Acquisitor, which is opposed to Baltimore plan to reinvent itself as a renewable company.
Following the completion of the disposal of Baltimore Technologies' core PKI business last December, the company's assets consist mainly of cash.