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 discount behind a £30,718,881 return to shareholders. The return is fastened at £0.002734 per B share after the UK-listed company offered all 669 BTC it disclosed.

The B shares are the mechanism for transferring money again to buyers. Under the transaction structure, eligible buyers obtained one B share for every atypical share held on the report time. Canceling these B shares permits Satsuma to make the corresponding capital compensation whereas the atypical shares proceed towards delisting.

Shareholders had approved the capital return and delisting on July 20. That vote launched the sequence, but it surely didn’t itself full the Bitcoin sale or fulfill the court docket situation hooked up to the discount.

From Bitcoin sale to fastened return

Satsuma sold the 669.4867 BTC between July 24 and July 31 at a web volume-weighted common realized worth of £47,667 per BTC, producing £31,912,395. The company reported £35,324,953 in money on the report time, together with money held by its subsidiary.

It calculated the B-share worth after permitting for £2.6 million of estimated transaction and termination prices and retaining £2 million as working capital. In the Aug. 4 announcement, each the £30,718,881 combination return and the £0.002734 per-share quantity had been nonetheless explicitly conditional on High Court approval.

The Sept. 8 resolution eliminated that judicial situation. Satsuma’s earlier round stated the discount would change into efficient when the court docket order was registered. The Sept. 8 court-approval discover introduced that the company would return the fastened quantity, however didn’t say the money had already reached shareholders.

The Sept. 8 settlement update stated eligible shareholders had been anticipated to be despatched checks or obtain bank-account or CREST credit on or earlier than Sept. 28. That future deadline separates approval of the payout from precise receipt.

Satsuma’s final disclosed timetable listed Sept. 11 because the anticipated remaining day of dealings and eight a.m. on Sept. 14 because the anticipated cancellation of its London itemizing. The Aug. 4 replace retained the Sept. 14 date. These dates describe the introduced timetable; the cited updates don’t verify completion of both milestone.

The court docket ruling subsequently finalized the quantity due to eligible B-share holders and eliminated the principle remaining approval situation. Distribution of the money and cancellation of the London itemizing are the subsequent said milestones.

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