On July 3, 2024, Excelsior Capital Limited announced that on June 12, 2024, it received a notice of intention to move resolutions for the removal of certain directors under section 203D of the Corporations Act from requisitioning shareholders, Baauer Pty Ltd and Gliocas Investments Pty Ltd. On June 13, 2024, the Company received further notice from the requisitioning shareholders under section 249D of the Corporations Act requesting the Company to call and convene a general meeting of the Company to consider and vote on resolutions being the appointment of Luke Cummings and David Prescott as directors of the Company along with the removal of existing Directors Danny Herceg and Ryan Mount, and any other director appointed between the 11 June 2024. The Company added that the directors unanimously recommend shareholders vote against all the resolutions.