Feeds

Baltimore directors face second coup

Major shareholder moves to oust board

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

Baltimore Technologies is having more trouble with its revolting shareholders. One of the largest shareholders in the e-security-turned-cash-shell company is calling for an extraordinary general meeting (EGM) to sack the entire board of directors.

Acquisitor Holdings first tried to oust the board in March when it wrote an open letter to shareholders calling for the removal of the directors. The letter referred to "this board's appalling record" and the collapse in the value of Baltimore from a £5bn company to it's current value of £25m. Baltimore is trying to reinvent itself as a "green energy company".

Baltimore said it had received another request for an EGM, and for the removal of the board. A statement to the London Stock Exchange said the company was considering what action to take.

Bijan Khezri, non-executive chairman of Baltimore, said: "At the EGM on 6 May 2004, independent shareholders voted unequivocally against Acquisitor taking control of Baltimore. Immediately following the EGM, Baltimore initiated contact with Acquisitor. A meeting was arranged for this week to enter into a constructive dialogue to explore a mutually acceptable way forward in the interests of all shareholders. Acquisitor has chosen to disregard this and requisition a further EGM instead of waiting for the AGM."

The board said it would resist any attempt to take control of the company without paying shareholders a premium. Yesterday Acquisitor bought another 440,000 shares in Baltimore, giving it a 19.09 per cent stake.

Back in April, Baltimore called in the Financial Services Authority complaining that Acquisitor Holdings was making disparaging comments about the company in order to push down its share price. ®

Related stories

Baltimore complains to FSA about stalking shareholder
Baltimore failures try something else
Baltimore fights attempted coup

Application security programs and practises

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.