Baltimore Tech goes green

FORMER stock market star Balitmore Technologies is moving from internet security to protecting the ozone layer, in a strategy switch to fend off rebel shareholder Acquisitor.

David Weaver, former head of BP's gas, power and renewables arm, is being brought in as chief executive, as Baltimore seeks to provide companies with cleaner fuels to cut energy bills.

Meanwhile, current chief executive Bijan Khezri is moving upstairs to become nonexecutive chairman. Finance chief Denis Kelly and two non-executive directors, Simon Enoch and George Powlick, are stepping down.

Khezri said Balitmore is close to completing an acquisition in its new market and would become a 'significant player' in the renewables field.

Whether the new strategy fends off Acquisitor remains to be seen. The Bermuda-based investment vehicle, which has an 11.2% stake in the former dot com darling, has been attempting to wrest control of Baltimore and bring in an

alternative board under David Buchler, vice-chairman of Tottenham Hotspur FC.

A spokesman for Acquisitor said: 'We are looking at the proposals carefully and we welcome the fact that three of the five directors have recognised the unsustainability of their positions and have decided to step down.'

Baltimore had been expected to announce either a reverse takeover or a return of cash to shareholders today. Full-year results show the company, once valued at more than £5bn, had a cash pile of £25m at 31 December.

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