Baltimore Technologies, once the most powerful name in Irish technology circles, has announced that it plans to delist from the London Stock Exchange (LSE) and begin a programme of share consolidation. The firm is also to exit from its American depository share scheme.
The share consolidation initiative is aimed at reducing the cost of servicing its large base of small shareholders. Over half of its 40,000 shareholders hold 125 ordinary shares or fewer. The company plans to consolidate every 125 ordinary shares of one pence sterling into shares worth 125 pence sterling each. The company expects that the move will lead to a considerable reduction of its ongoing administration overhead.
The board says it will put the proposal to delist from LSE to shareholders at an EGM on 20 December, although it is not legally obliged to do so under the rules of the stock exchange.
The once high-flying internet security firm delisted from Nasdaq in early 2001 during the technology slump.
By Brian Skelly