Acquisitor increases stake in Baltimore

ACQUISITOR Holdings, the offshore investment vehicle backed by restaurant entrepreneur Luke Johnson has upped its stake in Baltimore Technologies.

In a short statement to the London Stock Exchange yesterday, Bermuda-based Acquisitor said it has increased its shareholding to nearly 9% from 8%. Acquisitor has built up the stake in recent months.

“Acquisitor Holdings endeavours to achieve a high rate of capital growth for its shareholders by acquiring significant holdings in companies, which the members of its board of directors consider to be fundamentally sound but which are valued at a discount to the directors’ estimate of their private market value,” it said in the statement.

However, it is not expected to make a full offer for the company, believing that another bidder will come forward for what is now essentially a cash shell.

Acquisitor is backed by Mr Johnson, best known for the Pizza Express and Milanos chain of restaurants. He is also chairman of Belgo, which owns the world-famous Ivy Restaurant in London.

Acquisitor could not be reached for comment yesterday. Baltimore, the one-time stock market darling valued at £7 billion, was worth just £20.5 million yesterday. It is in the process of deciding whether to put itself into voluntary liquidation and disperse the surplus cash to shareholders, or make an acquisitions.

An outcome is expected in early March, though some analysts believe the company could be taken over by a private firm to obtain a stock market listing. Baltimore shares were down 2.55% yesterday at 38p.