Satsuma Shareholders Approve Bitcoin Liquidation, London Delisting
Satsuma shareholders have voted to unwind the companys bitcoin treasury and pull its shares off the London Stock Exchange. At a general meeting on July 20, holders passed two special resolutions: one to return substantially all of Satsuma‘s capital to shareholders, the other to cancel the company’s listing on the FCAs Official List. The capital return resolution carried 90.63% support, with 7,869,182,042 votes in favor against 813,703,719 opposed. The delisting resolution passed with near-identical margins, 90.59% in favor. The board will now close out Satsuma‘s trading operations and sell the company’s remaining bitcoin, roughly 668 BTC. The stock had traded as Satsuma Technology PLC (LSE: SATS), one of the UKs bitcoin treasury vehicles, second in size only to The Smarter Web Company. A timetable set out in the June 24 shareholder circular governs the wind-down. The record time for entitlement to B Shares falls at 6 p.m. on August 3, the deadline for warrant holders to exercise their warrants if they want the resulting ordinary shares included in the capital return. Once the total number of qualifying shares is fixed, Satsuma will petition the UK High Court to confirm the return of capital. A directions hearing is set for August 13, with a confirmation hearing to