Ireland's former technology superstar Baltimore is officially up for sale, at a fraction of the price it once commanded at height of the dotcom boom.
Shareholders at today's annual general meeting in London were told that Baltimore has appointed JP Morgan to oversee a controlled sale of the company, which should see a buyer announced by June 30.
Baltimore's shares closed over 30% on the news to 32 pence sterling in London this evening. The share price has languished at lower levels for many months, despite huge restructuring and job cuts at the company.
Chief executive Bijan Khezri said the company had identified promising growth areas that a strong strategic partnership would help facilitate.
It is understood the failure to make the company profitable and start to build revenues and its share price, influenced the board's decision to take today's step.
Baltimore has £15.6m in cash in the bank, and will receive a further £2-3m from over the next six months from sales it has made.
The company floated on the London and Nasdaq stock exchange in 1999, and surged to a market value of over €10 billion as investors embraced the promised success of its internet security software.
It shares went as high £13.75 only to collapse as low as 7.5p as investor sentiment turned, hundreds of jobs were cut, and chief executive Fran Rooney was ousted. He is now chief executive of the FAI, and will look on from the sidelines as the business he bought for £360,000 in 1996, leaves the stock exchange.
