Satsuma wins High Court approval for £30.7 million shareholder return

Satsuma Technology has secured High Court approval to cancel more than 11.2 billion B shares, clearing a £30.7 million capital return after the company sold its entire disclosed Bitcoin position. Summary Satsuma secured High Court approval to cancel 11.2 billion B shares, clearing a £30.7 million capital return to eligible shareholders. The company sold 669.4867 BTC between July 24 and July 31 for £31.9 million at an average realized price of £47,667 per Bitcoin. Eligible investors are due £0.002734 for each B share, with payments expected through checks, bank transfers or CREST by Sept. 28. Satsuma’s London listing was scheduled for cancellation on Sept. 14 after shareholders approved the capital return and delisting in July. Satsuma said the High Court of Justice approved the cancellation of 11,235,874,700 B shares on Sept. 8, removing the court condition attached to its planned reduction of capital. Eligible shareholders are due £0.002734 for each B share, putting the aggregate payment at £30,718,881. The B shares were created specifically for the capital return. Investors eligible under the transaction received one B share for every ordinary Satsuma share they held at the recor...