Berated Baltimore reveals future plan

BALTIMORE Technologies will today announce plans to reinvigorate the company in the face of further criticism from its largest shareholder.

The company, which has sold off all of its technology divisions and is essentially a cash shell, has faced renewed attack from Acquisitor Holdings, the corporate raider that owns 11.5% of its shares.

It has called for an extraordinary general meeting of shareholders to oust the five Baltimore directors and install its own candidates and has posed a series of questions to Baltimore about recent asset sales, its liabilities and its plans to increase shareholder value.

Baltimore has accused Acquisitor of trying to get its hands on its £40m cash pile. Acquisitor says the company has lost £1bn in the past six years.

Baltimore has 21 days to call the EGM. The company, which has 6,000 Irish-based shareholders, will also publish its 2003 annual results today.