Business
Update on Board and intention to adjourn GM
Satsuma Technology PLC announced its intention to adjourn the Requisitioned General Meeting scheduled for March 19, 2026, sine die, without putting resolutions to a vote. This decision follows discussions with shareholders indicating a loss of confidence in the executive directors and a recognition of an unsustainable cost base. Consequently, the former CEO and CFO have resigned, and the company has implemented significant annualised cost reductions. The Board has agreed to appoint two new Non-Executive Directors, who possess commercial and regulatory experience and a focus on cost-cutting, subject to regulatory checks. Disclaimer*
About this update from Satsuma Technology Plc
[{"type":"text","content":"\n\n \n \nThis announcement contains information which, prior to its disclosure, was inside information as defined under assimilated Regulation (EU) No. 596/2014 which is part of the laws of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (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 \n16 March 2026\n \nSatsuma Technology PLC\n \n('Satsuma' or the 'Company')\n \nUpdate on Board and intention to adjourn the Requisitioned General Meeting\n \nFurther to the announcement of 6 March 2026, the Board has held further discussions with Shareholders with respect to the two remaining Resolutions that are capable of being put to the Requisitioned General Meeting convened for 10:00 a.m. on 19 March 2026. In light of these discussions and the intention of the Board to appoint the two proposed Directors to the Board as Non-Executive Directors (which is explained further in this announcement), the Board intends for the Chairman to adjourn the Requisitioned General Meeting until further notice (sine die), without the Resolutions being put to the meeting for voting.\n \nBackground\n \nSince the receipt by the Board of the Requisitions in late January 2026, the Board has held numerous discussions with a large proportion of the Shareholder base.\n \nFrom these discussions it was clear that the executive Directors had lost the confidence of the majority of Shareholders, and that there were no circumstances in which that confidence could be restored. It was also clear to the Board and Shareholders that the cost base for the Company was too high and had been built to support a scale of activity that is no longer deliverable in the current market.\n \nIn light of the Requisitions and the feedback from Shareholders, the Board reached agreement with both Henry Elder, the former Chief Executive Officer and Andrew Smith, the former Chief Financial Officer, to resign as Directors of the Company and to cease their employment.\n \nThese departures left the Company with no executive Directors. Accordingly, and on a temporary basis only, Ranald McGregor-Smith agreed to become Executive Chairman and Clive Carver agreed to become an Executive Director for a peri...