Rebel provokes Baltimore rage

FALLEN dotcom star Baltimore Technologies has lodged a formal complaint with the Financial Services Authority over the behaviour of rebel shareholder Acquisitor Holdings.

The former web security firm accuses Acquisitor of making inaccurate statements that raise 'doubts about the financial transparency of Baltimore' while being an 'active purchaser of shares in the market.'

Baltimore cites an example when the share price fell after a critical statement from Acquisitor.

Acquisitor retorts that it will be 'suing Baltimore for damages' and lodging its own complaints with the FSA. It says Baltimore's claims that Acquisitor has manipulated the market are 'defamatory and inaccurate'.

A spokesman said: 'This is a cynical and desperate ploy by a failed management team who refused to address the real issues and are terrified that their long-standing sinecure is about to be removed.'

Acquisitor, which owns 15.4% of Baltimore, is trying to oust the board at an extraordinary general meeting on 6 May. Proxy votes must be posted by Thursday.

New Baltimore boss David Weaver wants shareholders to back his plans to turn Baltimore into a clean-energy consultancy. Having sold its loss-making businesses Baltimore is now a cash shell with £25m in the bank. Its market value has fallen to £24.8m from a £5bn peak.

Acquisitor says the new strategy 'entails unquantifiable risk and unquantifiable returns' but will not detail its own plans unless it wins control.