Baltimore chariman gets to stay

Baltimore Technologies shareholders voted against the resolutions to remove chairman Bijan Khezri and the entire new board, but by very narrow majorities.

Acquisitor Holdings, the rebel shareholder that owns just over 16% of the shares, had proposed sacking the entire board, including Khezri, in favour of its own team of turnaround experts.

The EGM in London was yesterday adjourned until this evening pending a statement on the outcome of the vote.

Eight of the ten directors, including chief executive Bijan Khezri, will stay as directors after the votes. The motion to remove Khezri attracted 9,657,761 votes, but he was backed by 9,705,108 votes.

Most of the other directors survived by similar margins, but the EGM approved the removal of George Powlick and Simon Enoch, but the company had previously announced that both would cease to be directors in any event following yesterday's EGM.

Shareholders voted for all the new directors -- brought on board to turn the company into a clean energy solutions provider -- to stay, after Resolution 11, calling for all directors appointed since March 19 to be removed, was voted out.

Shareholders could have potentially sacked the entire board and because Baltimore deemed Acquisitor's resolution to appoint its own board was legally invalid, the company could have been left without any directors.

Baltimore wants to transform itself into a consultancy business to help businesses cut their energy bills. Acquisitor had rejected Baltimore's reinvention plan.