UK-listed company approved capital return and delisting against board recommendation
Satsuma Technology Plc shareholders voted to approve a capital return and delisting on July 20, with 90.63% voting in favor of the return and 90.59% supporting the delisting. The votes passed against the recommendation of the board majority, according to CryptoSlate Editor-in-Chief Liam ‘Akiba’ Wright.
The capital return will be funded by the sale of Satsuma’s 668.48 BTC treasury, the company’s latest publicly disclosed Bitcoin holding as of June 30. At that valuation date, the holdings were worth £29.44 million using a price of $58,353 per BTC. The company reported no Bitcoin disposals during June 2026.
Satsuma will deduct £2 million in retained working capital and an estimated £2.7 million in transaction and termination costs from sale proceeds before distributing capital to shareholders. The amount returned per B share depends on Bitcoin sale proceeds, cash balances, and warrant exercise proceeds, less those deductions. Warrant holders must exercise by August 3 record time for their resulting ordinary shares to participate in the return.
The company had no debt or other material liabilities as of June 30. At that date, Satsuma’s market capitalization divided by Bitcoin value (mNAV) stood at 0.80x, indicating a discount to net asset value. The average acquisition cost of the Bitcoin holdings was £84,026 per coin, representing an unrealized loss of £39,984 per BTC at June 30 valuations.
Timeline to delisting and shareholder payments
August 3, 2026 at 6 p.m. UK time is set as the indicative record time to determine share entitlement and the indicative Bitcoin sale date. A directions hearing is scheduled for August 13, with a confirmation hearing set for September 8. The capital return is scheduled to become effective on September 11, and listing cancellation is expected at 8 a.m. UK time on September 14. Shareholders are due to receive payments on or before September 28.
The return requires High Court confirmation. As of July 30, Satsuma has not disclosed the Bitcoin sale execution date, sale venue, actual sale price, or net proceeds from the transaction.
