Baltimore EGM adjourned until tomorrow

The Baltimore EGM has been adjourned until tomorrow. A statement is to be issued when the result of the vote on the motion to remove the board is known.

Bijan Khezir, chairman, announced after a stormy three-hour meeting that the company would announce the results of the votes on resolutions to the stock exchange at some point tomorrow.

During the meeting, shareholders expressed their anger and frustration with both the Baltimore Board and the Acquisitor Group, which is seeking to oust the present Board.

Acquisitor currently holds just over 16% of Baltimore.

Shareholders could have potentially sacked the entire board and because Acquisitor's resolution to appoint its own board were deemed invalid earlier in the week, the company could have been left without a board.

In this event, the UK Listing Authority would have to suspend the shares.

Baltimore wants to transform itself into a consultancy business to help businesses cut their energy bills.

However, Acquisitor has rejected Baltimore's reinvention plan and wants to install its own directors to recover shareholder value.

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.