Business
Purported Requisition Notice
Satsuma Technology PLC has received a purported requisition notice from Shard Capital, representing shareholders holding 49.3% of the company's issued share capital, requesting a general meeting to vote on resolutions to terminate Henry Elder and Andrew Smith as directors and appoint Nicholas Lee and Paddy Dean as non-executive directors. The Board is consulting advisors to verify the notice's validity and the shareholders' undertakings, noting that no information has been provided on the proposed new directors. The company views these actions as an unnecessary distraction from ongoing strategic initiatives. Disclaimer*
About this update from Satsuma Technology Plc
[{"type":"text","content":"\n\n28 January 2026\nSatsuma Technology PLC\n('Satsuma' or the 'Company')\nPurported Requisition Notice\nSatsuma Technology PLC (LSE: SATS) announces that it has received a purported requisition notice (\"the Notice\") from Shard Capital, requesting the Company's board of directors (the \"Board\") to convene a general meeting (\"Requisitioned GM\") under section 303(1) of the Companies Act 2006.\nThe Notice sets out four Ordinary Resolutions (the \"Resolutions\") to be proposed at the Requisitioned GM:\n1. Immediate termination of the appointment of Henry Elder as a director and officer of the Company;\n2. Immediate termination of appointment of Andrew Smith as a director and officer of the Company;\n3. Immediate appointment of Nicholas Lee as non-executive director and officer of the Company; and\n4. Immediate appointment of Paddy Dean as non-executive director and officer of the Company.\nThe Notice states that it has been signed by shareholders representing 49.3% per cent. of the Company's issued share capital and that these shareholders have undertaken to vote in favour of the above resolutions at the Requisitioned GM. The Board notes that no information has been provided to them on either Nicholas Lee or Paddy Dean.\nThe Board is currently consulting its advisers to determine, inter alia, the validity of the Notice and is verifying the percentage of shareholders who have signed it and given the undertakings. A further announcement will be made in due course.\nShareholders are advised to take no action at this time.\nRanald McGregor-Smith, Chair, commented:\n\"We view the actions of the requisitionists as unnecessary, a distraction from a number of strategic initiatives that have commenced since becoming the first BTC company to obtain a full listing, and not in the best interests of the Company. We remain fully supportive of both Henry and Andy and I will be engaging with shareholders in due course.\"\n \n\n\n\n\nSatsuma Technology PLC \nData Counsel \nSteffan Williams \nWilliam Bar...