The board of Baltimore Technologies has said it is reviewing a request received on Saturday for an extraordinary general meeting at which the removal of the board would be on the agenda.
The board described as "opportunistic" the attempt by its biggest investor, Acquisitor Holdings (Bermuda) Ltd, to secure control of the company and its assets without paying a premium to shareholders by making a formal offer.
"The timing of this notice is disruptive to the process already well under way, which will see the board present proposals for Baltimore's future to shareholders at the time of the company's financial results announcement on March 31st, 2004, as publicly communicated.
"There will be no change to the date for release of Baltimore's financial results as a result of this notice."
The board said it was open to considering any alternative plan from Acquisitor. Since December 2003 Baltimore's assets have consisted primarily of cash and property interests. The management is currently reviewing a number of options, including acquiring other businesses or returning cash to shareholders, or a combination of both.
