FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
4 July, 2003
BALTIMORE TECHNOLOGIES PLC
(Registrant's name)
Baltimore Technologies plc, 1310 Waterside, Arlington Business Park
Theale, Reading, Berkshire, England RG7 4SA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F..X... Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X...
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b).
EXHIBIT INDEX
Press Release regarding: Offer by HP for SelectAccess dated: 4 July, 2003
Baltimore Technologies sells SelectAccess to HP for GBP8.3 million
London, UK - 4 July, 2003 - Baltimore Technologies plc (London: BLM) today
announced that it has entered into a conditional agreement with HP to sell its
SelectAccess business for a total consideration of GBP8.3 million in cash.
The sale is subject to approval by Baltimore's shareholders at an Extraordinary
General Meeting, and a circular and notice of the Extraordinary General Meeting
will be sent shortly.
Comment
Bijan Khezri, Chief Executive Officer of Baltimore Technologies plc, commented:
"This transaction represents an exceptional opportunity for our shareholders and
is a key step towards maximising shareholder value. We are particularly pleased
to see HP taking the SelectAccess product forward as we believe they are well
positioned to exploit the technology's potential. It will reinforce HP's ability
to offer superior infrastructure security for the benefit of customers and
employees. We remain committed to achieving the best possible outcome for all
our stakeholders regarding the remaining parts of our business."
Rationale for the divestment
Baltimore announced at the Annual General Meeting on 22 May 2003 that it was
commencing a controlled sale process to select a strategic partner for the whole
of the business. Whilst this process is still ongoing, the Board has decided
that the disposal of SelectAccess to HP represents significant additional value
to shareholders and assists in maximising the overall return for shareholders.
Subject to the announced agreement, Baltimore continues to remain in discussions
regarding offers for the whole of the company, as well as several offers
regarding specific parts of the company.
Financial effect of the disposal
The company intends to use the cash proceeds of the disposal of GBP8.3 million,
payable at completion, for general corporate purposes. Baltimore expects that
the disposal will complete by the end of August 2003.
Information on SelectAccess
SelectAccess enables businesses to capitalise on the potential of extranets,
intranets and portals by providing Web-based single sign-on for a seamless user
experience. SelectAccess greatly reduces administration costs and complexity by
providing a unified approach to defining authorisation policies and securely
managing role-based access to on-line resources.
Based on unaudited management information for the twelve-month period ended 31
December 2002, the SelectAccess business generated revenues of GBP0.7 million
and a loss before interest and tax of GBP2.1 million. As at 31 December 2002,
the net liabilities of the SelectAccess business were GBP3.8 million.
About Baltimore Technologies
Baltimore Technologies' products, professional services and solutions solve the
fundamental security needs of e-business. Baltimore's e-security technology
gives companies the necessary tools to verify the identity of who they are doing
business with and securely manage which resources and information users can
access on open networks. Many of the world's leading organisations use
Baltimore's e-security technology to conduct business more efficiently and cost
effectively over the Internet and wireless networks.
Baltimore's products and services are sold directly and through its worldwide
partner network, Baltimore TrustedWorld. Baltimore Technologies is a public
company, principally trading on London (BLM). For more information on Baltimore
Technologies please visit http://www.baltimore.com
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For further information contact:
Smithfield Financial Andrew Hey 020 7903 0676
Nick Bastin 020 7903 0633
Will Swan 020 7903 0647
The directors of Baltimore Technologies plc accept responsibility for the
information contained in this announcement. To the best of the knowledge and
belief of the directors of Baltimore Technologies plc (having taken all
reasonable care to ensure that such is the case), the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.
Certain statements that are not historical facts including certain statements
made over the course of this announcement may be forward-looking in nature. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance and achievements of
the Company to be materially different from any future results, performance or
achievements implied by such forward-looking statements.
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END
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BALTIMORE TECHNOLOGIES PLC
By:___/s/ Simon Enoch ___
Name: Simon Enoch
Title: Secretary and General Legal Counsel
Date: 4 July, 2003