Highlights

  • Satsuma proposes new Board appointments as part of its planned uplisting process.
  • Company sells 579 Bitcoin, generating approx. GBP 40 million in net proceeds.
  • Cash balance rises to approx. GBP 90 million to meet loan note obligations.

Satsuma Technology PLC(LSE:SATS) listed on the London Stock Exchange under ticker SATS, announced proposed adjustments to its Board structure as it progresses toward an application for admission to the Equity Shares (Commercial Companies) Category of the Financial Conduct Authority’s Official List. The proposed uplisting also includes plans to trade on the LSE’s main market for listed securities. The process remains subject to FCA approval of the company’s prospectus and confirmation of eligibility.

As part of these proposed changes, Ranald McGregor-Smith is expected to be appointed non-executive Chair upon completion of the uplisting. His experience includes advisory roles to FTSE100 and FTSE250 companies during his time at Hoare Govett and later as co-founder of Whitman Howard. Clive Carver, a fellow of the Institute of Chartered Accountants in England and Wales, is expected to join as Senior Independent Director and Chair of the Audit Committee. Carver has served in various non-executive and Chair roles across publicly listed companies over the past 13 years.

Current Chair Matt Lodge is set to step down from the role at the time of the uplisting but will remain on the Board as a non-executive director. In connection with the uplisting preparations, Darcy Taylor has resigned from the Board with immediate effect.

Bitcoin Sale Aimed at Meeting Convertible Loan Obligations
Alongside Board changes, Satsuma reported the sale of 579 Bitcoin from its total holding of 1,199 units. The transaction generated approximately GBP 40 million in net proceeds. The company stated that the sale ensures availability of cash required to repay holders of convertible loan notes who have not committed to converting their notes into ordinary shares once the prospectus associated with the uplisting is published.

Following the transaction, Satsuma retains 620 Bitcoin and holds a cash balance of roughly GBP 90 million. This capital is intended to meet a repayment liability of around GBP 78 million due on 31 December 2025. The company noted that some noteholders have provided irrevocable commitments to convert their notes into equity, while others remain eligible for repayment under existing terms.

Uplisting Progress and Conditional Factors
The company emphasised that its proposed uplisting remains contingent on several regulatory steps. These include FCA review and approval of the prospectus and confirmation of eligibility for admission to the specified listing category. Satsuma stated that there is no certainty that the uplisting will proceed or be completed by 30 December 2025.

Share Price Snapshot
SATS was trading 28.05% higher at GBX 1.05 per share as of 11 December 2025.