Satsuma Technology to sell all bitcoin and move toward delisting

UK-listed Satsuma Technology has confirmed a process to dispose of all 669.4867 bitcoin it holds and return about 30.72 million pounds in cash to shareholders. The company’s delisting from the London market is also set to proceed as planned.

On Sept. 13, CryptoSlate and a company filing said the UK High Court on Sept. 8 approved the cancellation of 11,235,874,700 class B shares and the resulting capital reduction. The company will pay a total of 30,718,881.43 pounds to eligible shareholders. The refund is 0.002734 pounds per class B share.

The refund is not a direct dividend on ordinary shares. Eligible shareholders who held ordinary shares as of Aug. 3 were allotted 1 class B share for each ordinary share, and the amount is returned in cash as the class B shares are cancelled under a capital return structure. Satsuma is therefore not distributing bitcoin itself to shareholders.

Shareholders approved the capital return and delisting on July 20. Satsuma then sold all 669.4867 bitcoin it held between July 24 and 31. The net volume-weighted average sale price was 47,667 pounds per bitcoin, and it secured a total of 31,912,395 pounds.

After the sale, cash holdings including subsidiaries stood at 35,324,953 pounds. The company calculated the final refund size after excluding expected transaction and completion costs of 2.6 million pounds and future working capital of 2.0 million pounds.