Supplementary Document

RNS Number:4819Y
Acquisitor Holdings Ltd
15 February 2006




FOR IMMEDIATE RELEASE                                           15 FEBRUARY 2006


                            ACQUISITOR HOLDINGS LTD.
                  (Ticker: Reuters AQH.L or Bloomberg: AQH LN)
                        ("Acquisitor" or "the Company")

Supplementary Admission Document in Connection With Admission to Trading on AIM

               Proposed Acquisitions of Acquisitor Holdings Ltd.
                         and New York Holdings Limited

This document is supplementary to the Admission Document dated 18 January 2006
(the "Admission Document") and should be carefully read in its entirety in
conjunction with the Admission Document.

Interpretation
Save as otherwise defined in this document, words and phrases in this document
shall have the meanings ascribed to them in the Admission Document.

The Baltimore Board
On 18 January 2006, it was announced that Baltimore had reached agreement with
the boards of NYH and Acquisitor on the terms of proposed acquisitions by
Baltimore of NYH and Acquisitor respectively. At the same time, it was announced
that Baltimore would apply for the admission of its entire issued and to be
issued share capital to trading on AIM.

As announced on 14 February 2006, Mr Duncan Soukup has resigned as a
non-executive director of Baltimore following a disagreement with the remainder
of the board of directors. The continuing directors regret Mr Soukup's decision
to resign.

The continuing directors are not aware of Mr Soukup's intentions regarding his
directorships of NYH, Acquisitor, Baltimore Bermuda and Baltimore Guernsey, but
they expect that he will cease to be a director of Baltimore Bermuda and
Baltimore Guernsey prior to Completion and that he will not be a director of
either of the amalgamated companies following Completion. However, any changes
to these directorships prior to Admission will be announced on the Company's
website www.baltimoreplc.com/ir-press-2005.php. The continuing directors do not
believe that any change in Mr Soukup's directorships will be material to
Admission or the Acquisitions.

As previously announced, Mr John Radziwill will become a director of Baltimore
with effect from Admission. The directors of Baltimore upon Admission will
therefore be:

Mr David Buchler (Non-Executive Chairman)
Mr Timothy Lovell (Chief Executive Officer)
Mr Christopher Wallis (Finance Director)
Mr George Wardale (Non-Executive Director)
Mr John Radziwill (Non-Executive Director)

Update on the Acquisitions

As announced on 9 February 2006, at the NYH EGM convened in connection with the
proposed acquisition by the Company of NYH, the resolution to effect and approve
the NYH Amalgamation was unanimously passed by the shareholders who voted
(either in person or by proxy).

Further, as announced today, at the Acquisitor SGM convened in connection with
the proposed acquisition by the Company of Acquisitor, all resolutions were
unanimously passed.

The Acquisitions remain conditional, amongst other matters described in the
Admission Document, upon the passing of certain resolutions at the extraordinary
general meeting of the Company to be held at 9 a.m. on 16 February 2006 and on
the London Stock Exchange agreeing to admit the entire issued and to be issued
share capital of the Company to trading on AIM.

The Independent Directors of Baltimore (comprising Mr David Buchler, Mr
Christopher Wallis and Mr George Wardale) remain of the view that the
Acquisitions, Admission and the related proposals described in the circular sent
to Baltimore shareholders on 18 January 2006 continue to be in the best
interests of Baltimore and its shareholders. Accordingly it is intended that
Baltimore will proceed with the Acquisitions and Admission in accordance with
the timetable previously announced, following which it will pursue the strategy
outlined in its Admission Document dated 18 January 2006.

Corporate governance

Following Mr Soukup's resignation, the audit committee of the Board will
comprise Mr Timothy Lovell and Mr George Wardale and the remuneration committee
of the Board will comprise Mr David Buchler and Mr George Wardale and will
include Mr John Radziwill upon his appointment as a director of the Company. The
directors of the Company and the Proposed Director believe that these committees
will still function effectively but recognise that their composition is not in
compliance with the Combined Code.

Business of Baltimore

Television Corporation plc
On 17 January 2006, Tinopolis plc's takeover offer for all the issued share
capital of Television Corporation plc was declared unconditional in all respects
and Baltimore's interest in Television Corporation plc through a contract for
differences written by KBC Peel Hunt Ltd is now in respect of 1,003,400 shares
in Tinopolis plc.


Bavaria Industriekapital AG
The flotation of Bavaria Industriekapital AG on the Frankfurt Stock Exchange
occurred, as anticipated in the Admission Document, on 26 January 2006.
Baltimore continues to hold 142,936 shares in the company which, at the close of
business on 13 February 2006, the latest day practicable prior to the date of
this document, had a closing price of Euro27.55 per share on the Frankfurt Stock
Exchange.

Business of Acquisitor

CSS Stellar plc
On 19 and 24 January 2006, Acquisitor bought 85,000 and 450,000 shares
respectively in CSS Stellar plc and therefore Acquisitor now holds 8,518,000
shares in CSS Stellar plc (representing approximately 29.8 per cent. of the
existing issued share capital).

Tinopolis Plc
Following completion of the takeover of Television Corporation plc referred to
above, trading in the shares of Tinopolis plc has resumed. Acquisitor holds
1,079,385 shares in Tinopolis plc.
Other interests

Acquisitor has also acquired holdings of 30,811 shares in Formation Group plc,
an integrated sports marketing and management business and of 200,000 shares in
Tenon plc, an accounting services business.

Dublin Lease

On 9 February 2006, the Company's lease over Block B, Parkgate Business Centre,
Parkgate Street, Dublin was surrendered. The #1,766,000 provision for the
liability for this property in the consolidated accounts of the Company is
expected to exceed the costs of this surrender by approximately #100,000 and the
surplus provision will therefore be released. Accordingly, the Company has no
material liabilities other than 'overhead' liabilities (such as directors' fees,
expenses and management fees).

Principal establishments

The Company's head office and principal place of business and the business
address of Mr Timothy Lovell is now at First Floor, 6 Sloane Square, London SW1W
8EE.

Service Agreements and remuneration of Mr Soukup and the directors of the
Company

As a consequence of Mr Soukup's resignation, the letter of appointment dated 28
October 2004 from the Company to Mr Soukup pursuant to which he was appointed as
an non-executive director of the Company has terminated and Mr Soukup will only
receive a pro rata apportionment of fees due under that agreement up to the date
of his resignation, being approximately #3,600.
The aggregate remuneration payable by any member of the Baltimore Group
(including benefits in kind but excluding bonuses) to the directors of the
Company in respect of the current financial year ending 31 December 2006 under
the arrangements in force at the date of this document is expected to amount to
approximately #414,000.

Additional directorships

Mr George Wardale was appointed to the board of NMT Group plc on 10 February
2006.

Expenses relating to Admission

The total costs and expenses relating to Admission and the Acquisitions are now
estimated to be #775,000 (including value added tax).
No other significant changes or new matters
Save as disclosed in this document, there have been no significant changes
affecting any matter contained in the Admission Document or the NYH Amalgamation
Proposal Document and no significant new matter has arisen, the inclusion of
information in respect of which would have been required to be included in the
Admission Document or the NYH Amalgamation Proposal Document if it had arisen at
the time of its preparation.

                                    
                                    --ENDS--

Enquiries:

Bishopsgate Communications Ltd                                Tel: [phone]
Maxine Barnes
Dominic Barretto
Email: [e-mail]

Information on the Company can also be obtained at: www.acquisitorholdings.com




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