Acquisitor Holdings (Bermuda) Ltd
25 June 2004


                                                                    25 June 2004

                       ACQUISITOR HOLDINGS (BERMUDA) LTD.
                  (Ticker: Reuters AOB.L or Bloomberg: AOB LN)

               Baltimore Technologies plc proposed return of cash

On 3 June 2004, the Board of Baltimore Technologies plc ("Baltimore") announced
that it had abandoned its proposed clean energy strategy and that it planned,
instead, to return cash to shareholders through a special dividend. In order to
create distributable profits to enable Baltimore to pay the special dividend, a
special resolution to cancel Baltimore's share premium account will be put to
Baltimore shareholders at the Annual General Meeting of Baltimore (the
"Baltimore AGM"), to be held on 5 July 2004.

Acquisitor Holdings (Bermuda) Ltd. ("Acquisitor Holdings"), which holds in
excess of 25 per cent. of the ordinary shares in Baltimore, does not believe
that the proposal to return cash is in the best interests of Baltimore
shareholders and, accordingly, at the Baltimore AGM, Acquisitor Holdings
currently intends to vote against the special resolution to cancel Baltimore's
share premium account (numbered 5 in the Notice of the Baltimore AGM).

Acquisitor Holdings' reason for voting against resolution 5 is simple: if
Baltimore plans to distribute through a special dividend as much as #10
million, Acquisitor Holdings is concerned that Baltimore will not be left with
sufficient funds to meet its obligations and at the same time position itself
for growth.

In view of the size of Acquisitor Holdings' shareholding, it will not be
possible for the resolution to be passed, and Acquisitor Holdings fails to
understand why the Board of Baltimore, knowing that Acquisitor Holdings has the
ability to block any special resolutions put to shareholders, did not first seek
its support, thereby saving shareholders further cost.

Furthermore, in recent weeks, Acquisitor Holdings has asked the Board of
Baltimore for answers to various questions. The Board of Baltimore has failed to
provide Acquisitor Holdings with answers to these questions. For this reason, at
the Baltimore AGM, Acquisitor Holdings also currently intends to vote against
resolution 1 (to receive and adopt the accounts for the year ended 31 December
2003).

Acquisitor Holdings also currently intends to vote against resolution 6 (to
authorise Baltimore to make market purchases of its own shares) as it
believes that a company with no operating assets should not be authorised to buy
back its stock, particularly at a maximum price that represents a premium to
average market value.

Finally, Acquisitor Holdings also currently intends to vote against resolution
23 (to approve the Directors' Remuneration Report for the year ended 31 December
2003).
                                    --ENDS--

Further information can be obtained at www.baltimoreaction.com

Enquiries:
Gavin Anderson & Company 020 7554 1400
Ken Cronin / Janine Brewis

Information on Acquisitor Holdings can also be obtained at:
www.acquisitorholdings.com




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

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