Baltimore Technologies said today it has sold its Baltimore Technologies Investments Ltd (BTIL) unit for £2 million sterling.
The sale allowed the company to dispose of about £99 million of realised but unrecognised deferred tax assets.
At December 31st, 2003, the group said it had a realised but unrecognised deferred tax asset of £145.2 million, relating to realised capital losses of some £484.0 million.
After today's sale, it still has realised, unrecognised deferred tax assets of £46.2 million.
Baltimore is in dispute with shareholder Bermuda-based Acquisitor Holdings group which wants to remove Baltimore's directors, having accused them of overpaying for acquisitions and of paying executives too much.
Acquisitor has a 13.6 per cent stake in Baltimore and says it wants to protect Baltimore's £24.7 million (€37 million) cash reserves.