Acquisitor ousts chairman to win board control of Baltimore Technologies at second attempt

Acquisitor has succeeded in wresting control of the board of Baltimore Technologies from chairman Mr Bijan Khezri and the current directors at the second attempt.

The results of Monday's adjourned annual and extraordinary meetings were announced yesterday. They showed that a majority of shareholders voted in favour of removing non-executive chairman and former chief executive Mr Khezri and Baltimore's chief financial officer, Mr Alfredo Goyanes.

The company's three non-executive directors, Mr Denis Kelly, Mr Andrew Hunt and Mr John Uttley were also removed from office and replaced with Acquisitor nominees.

These include Acquisitor's managing director, Mr Duncan Soukup, who is based in Bermuda. Mr Soukup will take over as Baltimore's interim chief executive. Acquisitor's finance director, Mr Tim Lovell, will take control of Baltimore's finances on an interim basis while Mr David Buchler will become non-executive chairman.

Mr George Wardale and Mr Robin Williams will both serve as independent non-executive directors.

"Our first task is to review and fully understand Baltimore's true financial position, which may take some months," Mr Soukup said yesterday. He added that shareholders would be provided with an update as soon as possible.

Down the line, Acquisitor has said it intends to find an appropriate acquisition for Baltimore in a sector with which it is familiar and it will then put this to shareholders for approval.

Acquisitor, which has built up its stake in the company to 26 per cent since its first failed attempt to oust the board in May, also blocked a number of other resolutions at Monday's annual meeting. These included plans to return cash to shareholders, the adoption of the company's accounts and approval of the directors' remuneration for last year.

The latest development represents another twist in the fortunes of Baltimore, which was founded by current Football Association of Ireland (FAI) chief executive, Mr Fran Rooney, in the 1990s.

The company, 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 at one stage, fell victim to the collapse of the technology bubble.

Over the past year, it has sold its remaining businesses in the technology sector, leaving it with assets of €37 million in cash as it has tried to find a new direction.