Satsuma secures High Court approval to cancel 11,235,874,700 B shares

  • Satsuma received High Court approval to cancel 11,235,874,700 B shares.
  • Satsuma sold 669.4867 Bitcoin at a net average price of £47,667 each.
  • Satsuma will return £30,718,881, or £0.002734 per B share, to eligible shareholders.

Satsuma Technology received High Court approval to cancel 11,235,874,700 B shares, completing the court process for a £30,718,881 capital return to eligible shareholders at £0.002734 per B share. The UK-listed company sold all 669.4867 Bitcoin in its treasury between July 24 and July 31 at a net average price of £47,667 per Bitcoin, generating about £31.91 million in proceeds. Shareholders had approved both the liquidation of the Bitcoin reserve and a delisting in July. After estimated transaction and termination costs of about £2.6 million and £2 million retained as working capital, payments were expected by Sept. 28 through checks, bank accounts or CREST. Satsuma had targeted Sept. 14 for cancellation of its London listing, but the available updates did not confirm completion.

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