Acquisitor Holdings has increased its holding in Baltimore Technologies to more than 15 per cent, it emerged yesterday. Barry O'Halloran reports.

Baltimore notified the London Stock Exchange yesterday that Acquisitor purchased two tranches of Baltimore shares, totalling 805,000, during the week.

Another company, Hanover Nominees Ltd, is holding the shares but Acquisitor has stated that it is the beneficial owner. The purchase brings the company's total interest in Baltimore to 8.26 million shares, or 15.35 per cent.

Acquisitor last month launched a bid to take over Baltimore, which is now a shell company with assets of €25 million in cash. At the same time, Baltimore has boosted its existing management and come up with a new strategy that involves entering the energy business.

Baltimore's shareholders will have the opportunity to vote on the proposal at an extraordinary general meeting on Thursday, May 6th, in London.

Unless they travel, the company's 5,000 Irish shareholders will have to vote by proxy. All proxy forms have to arrive in London by Tuesday, May 4th. Baltimore pointed out yesterday that Monday, May 3rd, is a bank holiday and advised that anyone wishing to vote by proxy should post their forms well in advance of next weekend.

They can also vote online by visiting the company's website. Baltimore also has a free telephone number, 00800 888 880 80, that Irish shareholders can call if they have queries.