AOB Acquisitor(Ber)

RNS Number:8074Y
Baltimore Technologies PLC
18 May 2004


                           Baltimore Technologies plc

London, UK - 18 May 2004. The Board of Baltimore Technologies plc (Baltimore,
London: BLM) received a written notice from Acquisitor Holdings (Bermuda) Ltd
(Acquisitor) after office hours on Monday, 17 May 2004, requesting an
extraordinary meeting of shareholders to consider resolutions to remove the
entire Board of Baltimore and to appoint its own directors. This notice follows
a similar notice served by Acquisitor on 7 May requiring the same resolutions to
be put forward at this year's Annual General Meeting, which is required to be
held before the end of August. The Board is reviewing the notice with its
advisers and will be taking appropriate action in due course.

On 22 March 2004, Acquisitor requisitioned an EGM with resolutions to remove the
entire board, which were rejected by Baltimore shareholders at a meeting held on
the 6 May 2004.

Comment

Bijan Khezri, non-Executive Chairman, said:

"At the EGM on 6 May 2004, independent shareholders voted unequivocally against
Acquisitor taking control of Baltimore. Immediately following the EGM, Baltimore
initiated contact with Acquisitor. A meeting was arranged for this week to enter
into a constructive dialogue to explore a mutually acceptable way forward in the
interests of all shareholders. 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. This
again highlights Acquisitor's agenda to seize control of Baltimore's assets at
the earliest possible opportunity without making a formal offer and paying a
premium to all shareholders for control.

The Board has a duty to resist, with all the means at its disposal, any third
party attempting to take control without paying a premium."

                                      - Ends -

For further information:
Smithfield+44 (0) 20 7360 4900
Andrew Hey
Nick Bastin
Will Swan

Information on Baltimore Technologies
Following the completion of the disposal of Baltimore Technologies' core PKI
business on 2 December 2003, the continuing Group's assets consist primarily of
cash.

www.baltimore.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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