REG - Satsuma Tech PLC - Proposed Board changes and sale of Bitcoin

Satsuma TechnologyAnnouncement

11/12/2025 07:00

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RNS Number : 1742L  Satsuma Technology PLC  11 December 2025

This 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.

 

Satsuma Technology Plc

('Satsuma' or the 'Company')

Proposed Board changes and sale of Bitcoin

Satsuma 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.

In 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.

Proposed appointment of new Chair and Senior Independent Director

To 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.

Ranald 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.

Clive 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.

Matt Lodge will step down as Chair but will remain on the board as a
non-executive director to support the expanded board and company strategy.

Further, in connection with the Uplisting, Darcy Taylor has agreed to resign
as a non-executive director of the Company, effective immediately.

Sale of Bitcoin

To ensure that the Company has sufficient cash on hand to repay the holders of
the convertible loan notes (in accordance with their terms) that have not
irrevocably committed to convert into Ordinary Shares on the publication of a
prospectus in connection with the Uplisting, the Company has sold 579 of its
1199 Bitcoin to realise net proceeds of approximately £40 million. Following
this sale, the Company has a cash balance of approximately £90 million to
meet the liability of approximately £78 million that is due to be repaid on
31 December 2025.

Investors should note that while the Company is working diligently to complete
the Uplisting, the Uplisting is subject to approval by the FCA of the
Company's prospectus and eligibility for admission to the Equity Shares
(Commercial Companies) Category of the Official List of the FCA. Therefore,
there is no certainty that the Uplisting will proceed or will be completed on
or prior to 30 December 2025.

 

Henry K. Elder, CEO, commented:

"I am delighted that Ranald and Clive have agreed to join the Board on
completion of the Uplisting. Their deep PLC governance experience will be
instrumental as we capitalise on the opportunities created by our significant
assets and expertise.

I would also like to thank Matt Lodge for his stewardship as Chair during this
period of significant transformation and am pleased that we will continue to
benefit from his counsel as a Non-Executive Director. Finally, I would like to
thank Darcy Taylor for his contribution to the Board and wish him well in his
future endeavours.

The Board's priority is to ensure the Company is positioned for stability and
growth. Today's sale ensures we have the accessible capital required to
execute our long-term strategy. The strength of our team and balance sheet
will support our vision to become a leading Bitcoin business in the region,
delivering long-term value for shareholders."

 

 Satsuma Technology PLC                                               +44 (0)20 3855 8888

 Henry K. Elder, CEO

 Data Counsel                                                         satsuma@datacounsel.uk (mailto:satsuma@datacounsel.uk)

 Steffan Williams                                                     +44 (0)7767 345 563

 William Barker                                                       +44 (0)7534 068 657

 

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