Acquisitor Holdings acquires more shares in Baltimore

Bermuda-based Acquisitor Holdings has increased its stake again in the former online payments firm Baltimore Technologies to 15.35%.

It has been gradually building a stake in Baltimore ahead of the May 6 EGM where it will seek to oust Baltimore's directors.

In a statement to the London Stock Exchnage yesterday, Acquisitor said it had bought another 720,00 shares.

Acquisitor wants to install its own directors to recover shareholder value. The rebel shareholder claims Baltimore's recent statement about its cash raised from the sale of its Japanese arm is misleading and it wants more information on creditors and debtors.

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.