Acquisitor demands fresh Baltimore vote

The battle for control of Baltimore Technologies, the cash shell that is planning to transform itself into a green energy company, erupted into life again yesterday after the company's largest shareholder demanded a fresh vote to oust the current directors.

The battle for control of Baltimore Technologies, the cash shell that is planning to transform itself into a green energy company, erupted into life again yesterday after the company's largest shareholder demanded a fresh vote to oust the current directors.

Acquisitor Holdings, the Bermuda-based fund, has requested a second extraordinary meeting of shareholders to consider a resolution to replace the existing board, led by chairman Bijan Khezri, with a slate of its own candidates.

The move came as Aquisitor bought a further 540,000 shares in Baltimore, raising its stake to just over 19 per cent.

Mr Khezri and his fellow board members survived an identical vote by the slimmest of margins at an EGM earlier this month at which about a third of the shareholders voted.

Mr Khezri got 9.7 million votes in his favour compared with 9.65 million against - a winning margin of just over 47,000 votes or 0.09 per cent of the shares in circulation. However, Baltimore pointed out that, excluding the 8.6 million shares which Acquisitor voted in favour of its own candidate, Mr Khezri's margin of support was nine to one.

Baltimore bitterly attacked the demand for a fresh vote, claiming that the previous one had cost shareholders between £500,000 and £1m. The company is valued at £24.7m, which compares almost exactly with the size of its cash resources.

Baltimore said a meeting had been arranged with Acquisitor this week "to explore a mutually acceptable way forward".

"Acquisitor has chosen to disregard this and requisition a further EGM instead of waiting for the AGM, at great disruption and significant additional cost to the company and its other shareholders," Mr Khezri said.

A spokesman for Acquisitor said yesterday: "We can confirm that we have asked for another EGM. Our position remains unchanged." He added that its poor backing at the first EGM was because it had been denied direct access to a large number of shareholders who held their shares through nominee accounts.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Executive / Foreign Exchange Dealer - OTE £40,000+

£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...

SThree: Experienced Recruitment Consultant

£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

Day In a Page

The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea