Satsuma sells 669 BTC and plans £30.7m payout

Satsuma Technology sold its entire 669.4867 BTC treasury between July 24 and July 31, generating £31,912,395 in proceeds. The High Court approved cancelling 11,235,874,700 B shares to allow a capital return of £30,718,881, fixed at £0.002734 per B share.

The bitcoins were sold at a net volume-weighted average realised price of £47,667 per coin. At the record time the company reported £35,324,953 in cash, including balances held by a subsidiary.

Satsuma calculated the aggregate return after allowing for an estimated £2.6m in transaction and termination costs and retaining £2m as working capital. The company set the aggregate figure in an Aug. 4 update, subject to court approval.

Shareholders approved the capital return and a plan to delist on July 20. Under the transaction structure eligible investors received one B share for each ordinary share held at the record time; cancelling those B shares enables the corresponding capital repayment while ordinary shares are scheduled for removal from the London market.

On Sept. 8 the High Court removed the remaining judicial condition tied to the share-capital reduction, finalising the amount due to eligible B-share holders. According to Satsuma, eligible shareholders were expected to receive payments on or before Sept. 28 by cheque, direct bank credit or CREST electronic credit.

Satsuma’s earlier timetable listed Sept. 11 as the expected final day of dealings and 8 a.m. on Sept. 14 as the anticipated cancellation of its London listing. Company updates have not confirmed completion of those delisting milestones.

The company must now complete the cash distributions to eligible B-share holders and execute the announced cancellation of its London listing.