The new management at the helm of Baltimore Technologies, the former FTSE 100 firm that was based previously in Dublin, is considering delisting its shares from the London Stock Exchange.
The company, which was the subject of a boardroom coup in the summer, also disclosed that it has retained the law firm Herbert Smith to advise on terminating its US share programme.
Mr David Buchler, Baltimore chairman, said the board was reviewing the need for a share listing in light of its wish to reduce costs at the company, which reported a pre-tax loss of €6.9 million for the year to the end of June 2004.
The termination of Baltimore's existing American depositary share programme would remove the firm's need to file reports with the Securities and Exchange Commission and hire US counsel.
Mr Buchler is one member of a new board appointed in July 2004 following the success of a Bermuda-based company, Acquisitor, in gaining control of Baltimore.
Acquisitor, which specialises in taking control of listed firms that it feels are undervalued, is continuing to review potential business opportunities.
It is also seeking to maximise the realisation of the firm's tax assets arising from its losses, according to a statement by Mr Buchler.
The statement does not give any detail on potential takeover targets for Baltimore, which is now merely a cash shell following the sale of its operating units by its previous management, which was headed by Mr Bijan Khezri.
The latest development represents another twist in the fortunes of Baltimore, which gained global notoriety when it was led by the current Football Association of Ireland chief executive, Mr Fran Rooney, in 1990s.
The firm, which specialised in internet security, was listed on the London Stock Exchange and, for a brief period in 2000, formed part of the FTSE 100 index. But its shares, which were quoted at more than £15 (€22) at one stage, fell victim to the collapse of the technology bubble in 2001.
Over the past year, it has sold its remaining businesses in the technology sector, leaving it with assets less liabilities of £23.1 million at the end of June as it tries to find a new direction.
