Satsuma Technology has secured High Court approval to cancel 11.2 billion B shares, clearing a £30.7 million capital return to eligible shareholders. According to the latest court approval notice, the High Court of Justice authorized the share-capital reduction on September 8, removing the court condition that had been attached to the company's planned capital reduction. Eligible investors are due £0.002734 for each B share, with payments expected through checks, bank transfers or CREST by September 28.
The capital return amount became fixed after Satsuma completed the sale of 669.4867 Bitcoin between July 24 and July 31. As reported by the latest court documents, the company realized a net volume-weighted average price of £47,667 per BTC, producing £31.9 million in proceeds from the sale. Satsuma reported £35.3 million in cash at the record time, including funds held through its subsidiary, with the final calculation allowing for £2.6 million in estimated transaction and termination expenses while leaving £2 million inside the company as working capital.
The court approval followed a shareholder vote that had already set the liquidation plan in motion. According to the company's earlier circular, on July 20, investors approved both the capital return and cancellation of Satsuma's London listing, with more than 90% of votes cast supporting each proposal. The B shares were created specifically for the capital return, with investors receiving one B share for every ordinary Satsuma share held at the record time, allowing the company to cancel the new shares and repay the corresponding capital. The August 4 announcement had explicitly stated that both the £30.7 million aggregate return and the £0.002734 per-share amount were still conditional on High Court approval.
The liquidation came after months of shareholder pressure following a dramatic decline in Satsuma's share price. As reported by crypto.news, in April, Pantera Capital and other shareholders asked Satsuma to sell its Bitcoin and distribute the proceeds after the company's share price fell heavily. Pantera held roughly 7% of Satsuma at the time and was among investors pushing for a return of capital, with the company's shares having fallen more than 99% from their June 2025 peak. The July vote ended a dispute over whether Satsuma should continue operating as a listed Bitcoin treasury company or return its assets to investors.
With the High Court approving the B-share cancellation, Satsuma's London listing cancellation remains on schedule. According to the company's earlier circular, the reduction would become effective when the court order was registered, which occurred on September 8. The company's earlier circular listed September 11 as the expected final day for dealings in ordinary shares, with cancellation of its London listing scheduled for 8 a.m. on September 14. The latest settlement update confirms that eligible B-share holders are expected to receive payments by September 28, though this separates approval of the payout from actual receipt. Cash distribution remains scheduled separately from the listing process, with the court ruling finalizing the amount due to eligible shareholders and removing the main remaining approval condition.
