Satsuma vote paves way to sell 668.48 BTC at £39,984 loss

Shareholders of Satsuma Technology Plc voted 90.63% in favour of a capital return and 90.59% in favour of delisting, overcoming a majority-board recommendation against the proposals. The approvals allow the UK-listed company to move ahead with plans to sell its entire 668.48 BTC treasury and return cash to investors. The board authorised immediate preparations to wind down trading and dispose of the Bitcoin, and the company set an indicative target to sell on or around Aug. 3. As of July 30, the execution date, sale venue, exact amount, sale price and net proceeds remained undisclosed.

Under the company’s timetable, 6 p.m. UK time on Aug. 3 will be the record time that determines which ordinary shares are entitled to receive one B share each; warrant holders must exercise by that cutoff for any resulting ordinary shares to participate. The record time fixes entitlement to the return. Actual payment will follow High Court confirmation of the capital reduction and the finalisation of sale proceeds and related calculations.

Satsuma reported a 668.48 BTC holding as of June 30, valued at £29.44 million using a BTC price of $58,353. The company reported an average Bitcoin acquisition cost of £84,026, implying an unrealised loss of £39,984 per coin at that valuation. Satsuma also reported a market capitalisation equal to 0.80x mNAV, defined as market capitalisation divided by the value of its Bitcoin holdings, and stated it had no debt or other material liabilities.

How much each B share will return depends on the gross proceeds of the Bitcoin sale, available cash balances and any cash raised through warrant exercises, after deducting a retained working capital amount of about £2 million and estimated transaction and termination costs of roughly £2.7 million. Warrant exercises would increase both the cash available for the return and the number of shares eligible to participate, which will affect the per-share calculation.

The company’s indicative legal timetable sets a directions hearing for Aug. 13 and a confirmation hearing on Sept. 8. The return is scheduled to become effective on Sept. 11, with listing cancellation expected at 8 a.m. UK time on Sept. 14 and payments due on or before Sept. 28. Those dates are indicative and remain subject to court approval and the final sale details.

The sale execution price and the net proceeds available for distribution are the key outstanding inputs. Until the Bitcoin sale is carried out and the High Court confirms the capital reduction, the precise amount shareholders will receive per B share cannot be determined.