Business
Proposed Board changes and sale of Bitcoin
Satsuma Technology PLC announced proposed board changes including the appointment of Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director, effective upon completion of their proposed Uplisting to the London Stock Exchange. The company also sold 579 Bitcoin for approximately £40 million in net proceeds, leaving them with 620 Bitcoin and £90 million in cash to meet a £78 million convertible loan note liability due on December 31, 2025. Matt Lodge will remain as a non-executive director, while Darcy Taylor has resigned as a non-executive director. Disclaimer*
About this update from Satsuma Technology Plc
[{"type":"text","content":"\n\nThis announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nSatsuma Technology Plc\n('Satsuma' or the 'Company')\nProposed Board changes and sale of Bitcoin\nSatsuma Technology PLC (LSE: SATS), a publicly listed technology company with diverse Bitcoin operations, is delighted to announce the proposed appointment of Ranald McGregor-Smith and Clive Carver as Chair and Senior Independent Director respectively.\nIn addition, the Company announces the sale of 579 Bitcoin raising net proceeds of approximately £40 million. Following this sale, the Company will hold 620 Bitcoin and approximately £90 million in cash. \nProposed appointment of new Chair and Senior Independent Director\nTo strengthen the Board and as part of the process for the proposed admission of the Company's ordinary shares to listing on the Equity Shares (Commercial Companies) Category of the Official List of the Financial Conduct Authority, and to trading on the London Stock Exchange plc's main market for listed securities (the \"Uplisting\"), Satsuma is delighted to announce the proposed appointment of a new Chair and a new non-executive director with extensive UK PLC and capital markets experience, effective upon completion of the Uplisting. These proposed appointments are expected to significantly enhance the Board's corporate governance.\nRanald McGregor-Smith is expected to serve as the non-executive Chair. Ranald has worked as corporate adviser and broker to FTSE100 and FTSE250 companies for most of his career, first as a corporate adviser at Hoare Govett, and then as co-founder of Whitman Howard. He is currently a non-executive director of Sabien Technology Group PLC. \nClive Carver is a fellow of the Institute of Chartered Accountants in England and Wales. After a career in the City advising listed companies, Clive has been a non-executive director and Chair of several publicly listed companies over the last 13 years. Clive is expected to serve as Senior Independent Director and Chair of the Audit Committee.\nMatt Lodge will step down as Chair bu...