UK company sells entire Bitcoin reserve to return 669 BTC to shareholders – here is who actually gets paid

Satsuma Technology said the High Court of Justice approved the cancellation of 11,235,874,700 B shares, authorizing the share-capital reduction behind a £30,718,881 return to shareholders. The return is fixed at £0.002734 per B share after the UK-listed company sold all 669 BTC it disclosed.

The B shares are the mechanism for moving cash back to investors. Under the transaction structure, eligible investors received one B share for each ordinary share held at the record time. Canceling those B shares allows Satsuma to make the corresponding capital repayment while the ordinary shares proceed toward delisting.

Shareholders had approved the capital return and delisting on July 20. That vote launched the sequence, but it did not itself complete the Bitcoin sale or satisfy the court condition attached to the reduction.

Satsuma sold the 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 £35,324,953 in cash at the record time, including cash held by its subsidiary.

It calculated the B-share value after allowing for £2.6 million of estimated transaction and termination costs and retaining £2 million as working capital. In the Aug. 4 announcement, both the £30,718,881 aggregate return and the £0.002734 per-share amount were still explicitly conditional on High Court approval.

Related Reading A 90% shareholder rebellion just forced this public company to dump its entire Bitcoin treasury at a crushing £39,984 per-coin loss

The Sept. 8 decision removed that judicial condition. Satsuma's earlier circular said the reduction would become effective when the court order was registered. The Sept. 8 court-approval notice announced that the company would return the fixed amount, but did not say the cash had already reached shareholders.

The Sept. 8 settlement update said eligible shareholders were expected to be sent checks or receive bank-account or CREST credits on or before Sept. 28. That future deadline separates approval of the payout from actual receipt.

Satsuma's last disclosed timetable listed Sept. 11 as the expected final day of dealings and 8 a.m. on Sept. 14 as the expected cancellation of its London listing. The Aug. 4 update retained the Sept. 14 date. These dates describe the announced timetable; the cited updates do not confirm completion of either milestone.

The court ruling therefore finalized the amount due to eligible B-share holders and removed the main remaining approval condition. Distribution of the cash and cancellation of the London listing are the next stated milestones.

The post UK company sells entire Bitcoin reserve to return 669 BTC to shareholders – here is who actually gets paid appeared first on CryptoSlate.