Baltimore EGM to be held in May

Baltimore Technologies said today that the Extraordinary General Meeting requested by its largest shareholder, Acquisitor Holdings, is to be held on 6 May.

Bermuda-based Acquisitor, which holds 12.52% of Baltimore's ordinary shares, wants to oust the board and install its own directors to recover shareholder value.

The rebel shareholder claims Baltimore's recent statement about the amount of cash raised from the sale of its Japanese arm is "misleading".

It claims Baltimore has lost more than £12.5m (€19.03m) on the sale.

It has also called for answers to its questions on Baltimore's holding in Clearswift, and for a breakdown of the company's creditors and debtors.

In a statement today, Baltimore said all of the specific questions raised by Acquisitor in its announcement of March 30 have either been dealt with in the circular posted to shareholders ahead of the EGM, or will be addressed in the group accounts to be filed with the SEC.

The internet security company announced last month radical plans to transform itself into a clean energy provider.

Baltimore, which has about 45,000 individual investors, many of them Irish, is now only a shell company with a cash pile of €44.7m.