Satsuma Technology Votes to Liquidate Bitcoin Treasury and Delist from London Stock Exchange
Key Takeaways
Satsuma Technology shareholders vote on selling its entire 668.48 BTC treasury and delisting from the LSE. The proposal, backed by 20% of capital but opposed by the board majority, faces a July 20 general meeting with strict 75% approval thresholds.
Woofun AI reports that Satsuma Technology has reached the final proxy deadline for a dual resolution to liquidate its Bitcoin treasury and cancel its London Stock Exchange listing, setting the stage for a decisive July 20 general meeting. The interdependent proposals mandate the sale of all digital assets, the return of net cash to shareholders, and the formal removal from the exchange.
The structural hurdle for approval is significant, as both special resolutions require at least 75% of the votes cast to pass. This threshold applies uniformly across paper, online, and CREST proxy instructions, though eligible shareholders retain the right to vote in person. The initiative originates from holders representing more than 20% of Satsuma's issued capital, a group whose request the board agreed to table without a formal requisition.
However, the six-member board is deeply divided; a four-director majority recommends rejection, while two directors support the resolutions. The cutoff for proxy submissions has passed, but the final decision rests with attendees at the upcoming meeting.
Financially, the company held 668.48 BTC as of June 30, which forms the core of the liquidity plan. Upon sale, £2 million will be retained for working capital and transaction costs, with the remaining proceeds distributed among B shares. The timeline is tightly scheduled: a court confirmation hearing is expected on Sept. 8, followed by cancellation on Sept. 14 and payments by Sept. 28.
Notably, trading was suspended at 7:30 a.m. on July 1 because the unresolved vote prevented directors and auditors from assessing the company's future viability in time to publish audited accounts by June 30.
Woofun AI data shows the company expects to finalize accounts by month-end, with trading resumption subject to FCA approval.
If either vote fails, the proposal triggers neither a Bitcoin sale nor listing cancellation, leaving the status quo intact. Satsuma states it would continue its treasury strategy under such an outcome. The trading suspension would remain in place until the publication of accounts and FCA agreement are secured. This marks a critical juncture where shareholder dissent could override board opposition, fundamentally altering the company's asset composition and market presence.
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