Satsuma Technology shareholders vote on 668 BTC sale and LSE delisting
In brief
- Satsuma Technology passed proxy deadline to sell 668.48 BTC and delist from LSE
- Both resolutions require 75% shareholder approval and are interdependent; failure of either blocks both
- Company plans Bitcoin sale around August 3 with payments completed by September 28
The vote structure
Both special resolutions require at least 75% of the votes cast and are interdependent—failure of either blocks both the capital return and the delisting. This means the July 20 meeting functions as a single decision point: shareholders either approve both measures or reject both. The proposal came from holders representing more than 20% of Satsuma's issued capital.
A four-director majority of the six-member board recommends rejection. Two directors support the resolutions, creating a split that signals material disagreement over Satsuma's direction.
Current holdings and timeline
Satsuma held 668.48 BTC as of June 30, valued at £29.44 million against a total net asset value of £33.23 million. The company reported an average acquisition cost of £84,026 per BTC and an unrealized loss of £39,984 per coin at that snapshot. It also reported 0.80x mNAV with no debt or other material liabilities.
If both votes pass, the company's indicative timetable calls for selling all Bitcoin on or around August 3. A court confirmation hearing is expected on September 8, with cancellation on September 14 and payments by September 28. Cash after the sale would be reduced by £2 million for retained working capital and transaction and termination costs.
Suspension and stakes
Trading was suspended at 7:30 a.m. on July 1 because the unresolved vote prevented directors and auditors from assessing the company's future. The suspension will remain in place until the outcome is clear.
If either vote fails, the proposal triggers neither a Bitcoin sale nor listing cancellation, leaving Satsuma's treasury strategy and public listing status unchanged. The 75% threshold is notably high—a minority position can block both measures if it exceeds 25% of votes cast.
