The UK's High Court has cleared Satsuma Technology's £30,718,881 return to shareholders after the company sold its entire 669 BTC reserve in July. Eligible B-share holders are expected to receive checks or electronic credits on or before Sept. 28, days after the company's London listing is due to be cancelled on Sept. 14.
Court clears the payout
The High Court of Justice approved the cancellation of 11,235,874,700 B shares, authorizing a share-capital reduction worth £30,718,881 to Satsuma Technology shareholders. The fixed return works out to £0.002734 per B share.
Eligible investors received one B share for each ordinary share they held at the record time. Canceling those B shares lets Satsuma make the capital repayment while its ordinary shares proceed toward delisting. Shareholders had already approved the capital return and delisting on July 20, but that vote alone did not complete the Bitcoin sale or satisfy the court's condition.
From Bitcoin sale to fixed return
Satsuma sold all 669.4867 BTC it held 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.
Satsuma calculated the per-share value after setting aside £2.6 million for estimated transaction and termination costs and retaining £2 million as working capital. Its Aug. 4 announcement still listed both figures as conditional on court approval.
Payment expected before delisting
The Sept. 8 court decision removed that judicial condition, but it did not confirm the cash had already reached shareholders. Satsuma's Sept. 8 settlement update said eligible shareholders should expect checks, or bank-account and CREST credits, on or before Sept. 28.
Satsuma's last disclosed timetable listed Sept. 11 as the expected final day of dealings in its shares, with the London listing due to be cancelled at 8 a.m. on Sept. 14. Those dates describe the announced timetable ahead of delisting; the company's updates do not confirm either milestone has completed.
Source: CryptoSlate
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