Firm demands substantial Baltimore damages

ACQUISITOR Holdings, the largest investor in Baltimore Technologies, is demanding substantial damages from the company over claims of libel and defamation.

Acquisitor said that it was outraged by a statement put out by Baltimore last week saying the claims in the press release contained false information.

Although Baltimore has since corrected the press release and apologised, Acquisitor said that it is seeking advice on bringing legal proceedings against Baltimore.

Bermuda-based Acquisitor is attempting to oust the board of Baltimore and install new management to rebuild the share price.

It is holding a meeting in Dublin this evening for shareholders to attract support for its plans.

It is not known how many of the estimated 6,000 shareholders in Ireland will turn up.

However, Baltimore has hit back at Acquisitor by lodging a complaint with Britain's Financial Services Authority about the behaviour of its biggest shareholder.

"The company is concerned that this behaviour may amount to market abuse," Baltimore said in a statement and asked the FSA to investigate.

Acquisitor hit back in the increasingly bitter dispute, which will come to a head with an extraordinary general meeting in London on May 6.

"Representatives for Acquisitor Holdings will also be contacting the (British Listing Authority) and the FSA at the earliest possible time to discuss the issue with them and to seek sanctions against Baltimore's board for bringing the market into disrepute," it said.

Baltimore says that its plan to turn the company from a cash shell into a clean energy supplier will rebuild the share price and that Acquisitor is seeking to get its hands on the company's £24 million cash pile a claim rejected by the investment fund.