18th Jan 2005 08:30
Baltimore Technologies PLC18 January 2005 18 January 2005 BALTIMORE TECHNOLOGIES PLC (Ticker: Reuters BLM.L or Bloomberg: BLM LN) ("Baltimore" or "the Company") earthport update Update regarding earthport litigationearthport plc ("earthport") has failed to comply with a High Court Order dated21 December 2004, to which it consented, to pay Baltimore agreed costs of £750by 14 January 2005. earthport has also failed to provide further informationabout its claim by 14 January 2005, as required under the High Court Order of 21December 2004. Since earthport is in breach of the High Court Order, Baltimore appliedyesterday to the High Court for a further order that, unless earthport providesto Baltimore further information about its claim by 28 January 2005 and pays£750 costs plus interest within 24 hours, earthport's claim will be struck out. Herbert Smith continues to consider that, on current information, the claimagainst Baltimore is without merit. Furthermore, if costs and interest (ifawarded) remain unpaid, the Company expects to apply for a winding up order. Update regarding possible offer for Baltimore, by earthportBaltimore notes that no offer for the Company has yet been made by earthport,despite its announcement made on 20 December 2004 which stated "earthportconfirms that it is considering a possible offer for Baltimore. earthportintends to approach the board of Baltimore in the next few days with itsproposal and to seek a recommendation..." Baltimore also notes that earthport's accounts for year ended 30 June 2004announced on 31 December 2004 were qualified and indicate a negative net worthin excess of £6 million, and an immediate need for £1.378 million to meetcreditors' demands. In the RNS release of its final results for the period ended 30 June 2004, dated31 December 2004, earthport announced that "The company has an immediate requirement to raise further funds" and "The company has also entered into an investment agreement, subject to the completion of due diligence and agreement of final terms by 10 January 2005, for the investment of up to £2.4m in three monthly tranches of up to £0.8 million, through the issue of convertible loan notes by March 2005". Baltimore notes that earthport has not made any further announcement to date about the financial position and potential fundraising. ---ENDS--- Enquiries: Bishopsgate Communications Ltd. Tel: 020 7430 1600Maxine BarnesDominic BarrettoEmail: [email protected] Shore Capital and Corporate Ltd. Tel: 020 7408 4090Alex BorrelliSimon Edwards Notes to editors:Shore Capital and Corporate Limited, which is authorised and regulated by theFinancial Services Authority in respect of regulated activities, is actingexclusively for Baltimore Technologies plc and no one else in connection withthe potential offer from earthport plc (the "Potential Offer") and will notregard any other person as its client or be responsible to anyone other thanBaltimore Technologies plc for providing the protections afforded to clients ofShore Capital and Corporate Limited nor for giving advice to any such person inrelation to the Potential Offer. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Earthport