Satsuma Technology PLC
SATS · Main Market · Consumer Products and Services · mcap £24m · 0.2p 3 open situations →
Satsuma was a small AI company that moved into decentralised AI agents and then a Bitcoin-focused treasury. It is now returning substantially all its capital to shareholders.
Open · 3
Delisting and share trading suspension
Includes Return of capital – paid, closed 17 Sep 2026
Accounts for the year to 28 February 2026 missed the 30 June deadline and trading was suspended from 1 July 2026. Shareholders approved the delisting-linked return on 20 July. Audited accounts were published on 17 September 2026 and the Court approved the reduction on 8 September; the announcement says the listing will be cancelled, and the dossier's expected date of 14 September has passed.
- Accounts
- Audited results published 17 September 2026, unqualified opinion with emphasis of matter on Note 24 17 Sep 2026 ↗
- Reason
- Directors and auditors cannot assess position without knowing whether Return of Capital proceeds 1 Jul 2026 ↗
- Cause
- Delay is a direct consequence of uncertainty over the company's future pending the general meeting outcome 3 Jul 2026 ↗
- Cancellation
- Expected 14 September 2026, after the 8 September Court hearing 4 Aug 2026 ↗
- Voting rights
- 11,235,874,700 Ordinary Shares carry votes; B Shares carry none 4 Aug 2026 ↗
- Court
- Return of capital approved by High Court on 8 September 2026 17 Sep 2026 ↗
Next: Listing cancellation · 14 Sep 2026
- 17 Sep 2026 Accounts published; Court approved; cancellation due
- 4 Aug 2026 Approved by vote; cancellation expected 14 September
- 3 Jul 2026 Suspended; accounts expected by end July
- 1 Jul 2026 Trading suspended from 1 July 2026
Cost reduction and reset plan
Follows from Shard Capital board requisition – Settled: nominees to be appointed, meeting adjourned, closed 16 Mar 2026Led to Return of capital – paid, closed 17 Sep 2026
After the board reshaping, annualised opex was cut from about £6.7m to £2.7m (2 April 2026), with a further £1.2m identified on 1 July. The Bitcoin trading freeze ended with the 20 July vote: all Bitcoin was sold between 24 and 31 July 2026, so the treasury strategy has ended.
- Status 6 May
- Company continues to operate normally; further cost reduction a continued focus 6 May 2026 ↗
- New factor
- Holders of over 20% request a return of capital 6 May 2026 ↗
- Further savings
- Further £1.2m annualised opex identified, which may be implemented 1 Jul 2026 ↗
- Lightning pilot
- First node live since 11 June 2026; about one Bitcoin committed as channel liquidity 1 Jul 2026 ↗
- Cash discipline
- Continues monthly Fact Packs; estimated surplus cash c.£3.0m after expenditure to 1 September 2026 3 Jul 2026 ↗
- Bitcoin trading
- No plans to buy or sell Bitcoin until the general meeting outcome is known 3 Jul 2026 ↗
- 4 Aug 2026 Ended: all Bitcoin sold after vote
- 3 Jul 2026 Continuing; Bitcoin trading frozen until vote
- 1 Jul 2026 Cost cuts continuing; further £1.2m identified
- 6 May 2026 Cost cuts continue; capital return request raised
Possible offer
Led to Return of capital – paid, closed 17 Sep 2026
- 3 Jul 2026 approach
- 6 May 2026 approach
Closed · 4
Company filings. Not investment advice.