Earthport hits back at Baltimore

Earthport hits back at Baltimore

UK payments outfit earthport has dismissed financial questions raised by takeover target Baltimore Technologies as a "crude attempt to undermine the company".

Fallen star Baltimore yesterday threatened earthport with a winding-up order if it failed to meet £750 costs awarded by the courts and questioned the financial stability of the company.

In a report to the Stock Exchange, earthport says it has now paid Baltimore the £750 outstanding and offered a scathing apology for "any hardship caused to Baltimore by the delay".

Earthport also confirmed that funding is in place to keep the company afloat and that arrangements for cash funds to finance its proposed offer for Baltimore are "at an advanced stage".

The Takeover Panel has granted earthport until Monday 31 January to announce the terms of its offer for Baltimore or withdraw.

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