Baltimore adjourns EGM for counting of votes

THE extraordinary general meeting of Baltimore Technologies was adjourned last night to allow the counting of votes on contentious motions to unseat the board.

The former computer security company, whose assets now consist mainly of cash, said it would announce the results of the votes as soon as they were known and would reconvene the meeting later today.

Baltimore also said it would issue a further statement to the stock exchange at 12 noon today if the results had not been published by then.

The extraordinary general meeting, which was called by major shareholder Acquisitor, is scheduled to restart at 5pm today to allow a formal declaration of the results.

The company said the outcome of the votes remained uncertain.

It warned that the company would be forced to suspend its listing if the motions were successful, as it would no longer have the minimum number of directors necessary to fulfil the listing authority's rules. Three directors are needed.

Earlier this week the board said it would not allow motions to elect a number of Acquisitor's nominees as directors on technical grounds.

But the company was forced to proceed with yesterday's meeting as Acquisitor's motions to remove Baltimore's existing directors were valid.

The board urged shareholders to reject all of the Acquisitor motions.

“Each resolution set out in the Notice of Meeting, which was capable of being validly proposed at the meeting, was voted on by shareholders on a poll taken at the meeting,” Baltimore said in a statement last night.

Yesterday's meeting, which was held in London, lasted for more than three hours.

The meeting heard shareholders express dissatisfaction with both Acquisitor and the existing directors.

The current board, which is headed by chief executive David Weaver and chairman Bijan Khezri, has said it will transform Baltimore into an energy concern if it is successful in fighting off Acquisitor’s challenge.

Bermuda-based investment vehicle Acquisitor holds 11.5% of Baltimore. It signalled its intention last month to appoint its own deputy chairman Duncan Soukup as chief executive of Baltimore.

It also aimed to install David Buchler as chairman. Baltimore has dismissed Acquisitor's intentions as “opportunistic”.