Baltimore Technologies has hit back at a resolution from 10% stakeholder Acqusitor Holdings calling for the removal of the entire board of the former dotcom security stock.
The board of Baltimore has dismissed Acquisitor's resolution for an egm to discuss the measure as "opportunistic", and accused the Bermuda-based investor of seeking to secure control of the company and its assets, without paying a premium to shareholders by making a formal offer for the company.
In a statement, the board of Baltimore says: "The timing of this notice is disruptive to the process already well underway which will see it present proposals for Baltimore's future to shareholders at the time of the company's financial results announcement on 31 March 2004."
The board goes on to say that it is open to considering any viable alternative plan that Acquisitor has for Baltimore - now a cash shell valued at £20 million - "provided it offers fair value for shareholders and is presented in a transparent way".