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Satsuma Technology shareholders approve delisting after Bitcoin treasury plan

The UK-listed firm says it is preparing to sell its Bitcoin, targeting a sale around Aug. 3, while payments to shareholders are due on or before Sept. 28.

Reported · Written up by our desk · Market Structure

Shareholders of UK-listed Satsuma Technology Plc have approved a capital return and delisting plan, according to CryptoSlate, with 90.63% of votes cast in favor of the capital return and 90.59% approving delisting against the board's recommendation.

The approval starts the process of selling the company's Bitcoin treasury and returning cash to shareholders. Satsuma authorized immediate preparations to close trading activities and sell its Bitcoin, and its official circular indicates a sale on or around Aug. 3, with a record time fixed at 6 p.m. UK time that date.

Satsuma’s most recently disclosed Bitcoin holding was 668.48 BTC as of June 30, after reporting no Bitcoin disposals during June. The company valued that holding at £29.44 million using $58,353 per BTC, and it reported an average acquisition cost of £84,026 per BTC, implying an unrealized loss of £39,984 per BTC at that date.

CryptoSlate reports the returned amount per share will depend on the Bitcoin sale proceeds, cash balances, and any warrant exercise proceeds, after deducting about £2 million of retained working capital and estimated transaction and termination costs of about £2.7 million. The timeline includes a directions hearing on Aug. 13 and a confirmation hearing on Sept. 8, with the return expected to become effective Sept. 11, listing cancellation expected at 8 a.m. UK time on Sept. 14, and payments due on or before Sept. 28, with several items remaining contingent on future court confirmation and the undisclosed execution price and net proceeds.

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