Acquisitor wins Baltimore battle

13 April 2012

REBEL 26% shareholder Acquisitor finally won the boardroom battle to take control of former web security blue-chip Baltimore Technologies.

Around 60% of the votes cast at the annual meeting went against Baltimore's plan to return £10m to shareholders.

Chairman Bijan Khezri was ousted. His plan to turn the company into a green energy consultant was abandoned two months ago. David Buchler, a turnaround specialist and Tottenham Hotspur's deputy chairman, takes his place.

Acquisitor paid around £5.5m for its stake to get its hands on Baltimore's £20m cash pile.

Acquisitor deputy chairman Duncan Soukup said: 'Our first task is to review and fully understand Baltimore's true financial position.' It has acquisitions in mind.

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