UK-listed company Satsuma Technology has received approval from the High Court of Justice to cancel 11,235,874,700 B shares, authorizing a capital return of £30,718,881 to shareholders. The move follows the company's sale of its entire Bitcoin treasury.
Satsuma sold all 669.4867 BTC between July 24 and July 31 at a net volume-weighted average realized price of £47,667 per BTC, generating £31,912,395. The company reported holding £35,324,953 in cash at the record time, which included funds held by a subsidiary.
Transaction Structure and Payout Details
Under the transaction structure, eligible investors received one B share for each ordinary share held at the record time. The cancellation of those B shares facilitates the corresponding capital repayment while the ordinary shares proceed toward delisting.
The return is fixed at £0.002734 per B share. This valuation was calculated after allowing for £2.6 million in estimated transaction and termination costs, alongside £2 million retained as working capital.
Timeline and Distribution
Shareholders previously approved the capital return and delisting on July 20. While the High Court's decision on Sept. 8 removed the final major judicial condition for the reduction, it separated the approval of the payout from the actual receipt of funds.
Eligible shareholders were expected to receive checks, bank-account credits, or CREST credits on or before Sept. 28, 2023.
