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Satsuma seeks approval to sell all its Bitcoin and delist from LSE
The bitcoin sale and the London Stock Exchange delisting are tied to two separate 75% shareholder votes, and failure of either blocks both actions.
Satsuma, a listed bitcoin treasury vehicle, is asking shareholders to approve two interdependent resolutions to sell its entire Bitcoin holdings, return net cash, and cancel its London Stock Exchange listing, according to CryptoSlate.
The company reported holding 668.48 BTC as of June 30, valuing that stake at £29.44 million versus total NAV of £33.23 million, with the June snapshot also showing 0.80 times mNAV and no reported debt or other material liabilities. CryptoSlate noted that both special resolutions must receive at least 75% of votes cast, and either vote failing would block both the capital return and delisting.
Satsuma said trading was suspended on July 1 at 7:30 a.m. because the unresolved vote prevented its directors and auditors from assessing its future in time to publish audited accounts by June 30. The company expects to have accounts by month-end and said it expects trading to resume afterward, subject to FCA approval.
If both votes pass and required approvals are obtained, Satsuma’s indicative timetable calls for selling all Bitcoin on or around Aug. 3, issuing a non-tradable B share for each ordinary share around Aug. 4, and then distributing cash after costs. CryptoSlate reported that a court confirmation hearing is expected on Sept. 8, with cancellation on Sept. 14 and payments by Sept. 28, each date remaining conditional.
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