Acquisitor courts Baltimore investors

THE bitter fighting between Baltimore Technologies and its largest shareholder continued yesterday with a lengthy letter posted to investors ahead of a crunch meeting next month.

Acquisitor Holdings, which owns 13% of Baltimore shares, said the plan to turn the company into a clean energy supplier would squander the remaining cash in the company.

"We want to protect Baltimore's remaining cash from being squandered by the existing board and invested in another unproven, high-risk plan that could result in the remaining assets of the company being wiped out," Acquisitor deputy chairman Duncan Soukup said.

"The proposed new strategy is no different to the original Baltimore plan. It entails unquantifiable risk and unquantifiable returns.

"What is clear, however, is that the board plans to spend all of the company's remaining cash assets on its initiation, potentially leaving shareholders with nothing," he said.

Acquisitor, backed by the Channel Four chairman Luke Johnson, has requested an extraordinary general meeting of shareholders, which will be held on May 6, to oust the board and install its own candidates.

In the letter it repeated its claims that the current Baltimore team has failed shareholders, but held off saying what it would do to build the share price.

However, Mr Soukup said: "Acquisitor Holdings plans to do exactly the same as it has done in the past nothing new or risky simply focusing on generating consistent positive returns for all shareholders, in all market conditions."

Shares in Baltimore closed up slightly at 42p yesterday.