Baltimore voting update expected today

Baltimore is due to update the market today on the results of votes taken yesterday at the company's AGM and EGM. The votes are being counted this morning.

The former internet security company's largest shareholder, Acquisitor, was to oppose the payment of a special dividend to shareholders and the adoption of the annual accounts.

In a trading update before yesterday's meeting, Baltimore said its first six months had seen a number of one-off charges relating to redundancy, its abandoned plan to enter the energy market and the costs associated with two EGMs, which were called by Acquisitor.

These factors were likely to lead to a 'moderate reduction' in the group's net asset value, the company said.

Baltimore's core security business public key infrastructure, or PKI, was sold to British firm BeTrusted for £5m (€7.1m) in cash late last year, ending the assets disposal programme which began under chief executive Bijan Khezri two years previously.

At its peak, when Baltimore was a member of the FTSE100, the company employed 1,400 worldwide.