Feeds

Acquisitor takes control of Baltimore

Coup d'etat

  • alert
  • submit to reddit

Combat fraud and increase customer satisfaction

Bermuda-based Acquisitor Holdings has finally ousted the board of former e-security company Baltimore Technologies after months of acrimonious debate.

Following a combined extraordinary general meeting (EGM) and annual general meeting (AGM) on Monday, six Baltimore directors were replaced by Acquisitor senior management.

The Bermuda-based company, which holds about 26 per cent of the firm, has been locked in acrimonious debate with the former e-security company for months. Acquisitor has argued that the board destroyed shareholder value in the cash shell.

Baltimore has said Acquisitor is simply looking to takeover the firm without going through the typical acquisition process, or paying a premium to investors. And now that Acquisitor has control, it remains tight-lipped about its plans.

"I am delighted that the position at Baltimore has now been clarified and that we can concentrate on enhancing shareholder value," said Duncan Soukup, deputy chairman of Acquisitor Holdings. "Our first task is to review and fully understand Baltimore's true financial position, which may take some months. We will, however, provide shareholders with an update as soon as possible."

The fighting between the two companies began in April, when Acquisitor demanded that Baltimore's board step down so that Acquisitor-appointed members could take over. A proposal to force the board members out at a 6 May EGM failed, though Acquisitor persisted.

Baltimore was a provider of e-security software, specialising in Public Key Infrastructure (PKI), and was the darling of the London Stock Exchange (LSE) during the dotcom boom. The company, however, fell from grace during the dotcom crash and in 2003 the company began a painful sell-off process, leaving it with no operating businesses, around £22m in cash, and an LSE listing.

In May 2004, the board announced a plan to become a clean energy company, but ditched the idea the following month, blaming Acquisitor for its woes. In a statement at the time, the Irish company said that it would no longer seek to acquire a clean energy player and would instead return much of its cash pile to shareholders. The directors associated with the energy strategy also resigned.

Any spare cash could however be partly swallowed up should UK-based Earthport, win a recently announced legal case against the company. Earthport alleges that Baltimore broke a March 2001 agreement to supply Internet security software and services to the electronic payments company and is claiming £4.5m in damages.

© ElectricNew.Net

Related stories

Baltimore showdown underway
Acquisitor blocks Baltimore cash return
Baltimore directors face second coup
Baltimore directors face second coup
Baltimore failures try something else
Baltimore fights attempted coup

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.