On June 14, 2024, Excelsior Capital Limited announced that it has received notices under Section 203D and Section 249D of the Corporations Act issued by two shareholders, Baauer Pty Ltd and Benjamin Graham. The notice received under Section 203D gives notice of intention to move, at the next general meeting of shareholders, resolutions to remove Danny Herceg and Ryan Mount as directors of the Company, to appoint two new directors, and to remove any other directors that the Company may appoint from June 11, 2024, until the holding of the requisitioned meeting of shareholders. The notice received under section 249D of the Corporations Act requests that the Company call and arrange to hold a general meeting of shareholders.

The Company intends to convene a meeting with a date to be announced within 21 days from the date the notice was received, and to hold the meeting within 2 months after the date of the notice.