Satsuma Technology sells 669 BTC treasury to return £30.7M to shareholders
In brief
- Satsuma Technology liquidated 669.4867 BTC at £47,667 per coin, generating £31.9 million
- High Court approved B share cancellation on September 8, enabling delisting
- Shareholders receive £0.002734 per B share; payments expected by September 28
- London Stock Exchange delisting effective September 14
Bitcoin Sale and Capital Return
Satsuma sold 669.4867 BTC between July 24 and July 31 at a net volume-weighted average realized price of £47,667 per coin. The sale generated £31,912,395, which funded the broader capital return to shareholders.
The High Court of Justice approved the cancellation of 11,235,874,700 B shares, authorizing a £30,718,881 return to shareholders. The return is fixed at £0.002734 per B share.
Shareholders had approved the capital return and delisting on July 20. At the record date, the company reported £35,324,953 in cash, including cash held by its subsidiary. After allowing for £2.6 million of estimated transaction and termination costs and retaining £2 million as working capital, the capital return was funded.
How B Shares Work
The B shares are the mechanism for moving cash back to investors. Eligible investors received one B share for each ordinary share held at the record time. This structure allowed the company to return capital while unwinding its operations cleanly.
Timeline and Delisting
The Sept. 8 decision removed the judicial condition on the capital reduction. Eligible shareholders were expected to be sent checks or receive bank-account or CREST credits on or before Sept. 28. Sept. 11 was the expected final day of dealings on the London Stock Exchange. 8 a.m. on Sept. 14 marked the expected cancellation of its London listing.
