Satsuma Technology (LSE:SATS) said it will convene a General Meeting as soon as practicable after a group of shareholders representing in excess of 20% of the company's issued share capital requested that resolutions be put to shareholders to effect a return of all or a substantial proportion of the company's capital.
Satsuma Technology is a UK Main Market listed Bitcoin treasury company, the board said a circular convening the General Meeting and setting out the resolutions in full and the board's recommendation will be published as soon as practicable.
Any resolution to effect a return of capital will require the approval of not less than 75% of the votes cast and the return of capital itself can only be implemented following an application to the Court in the United Kingdom to create the necessary distributable reserves.
The board confirmed the company continues to operate normally, with a continued focus on further cost reduction, and that its Bitcoin treasury and operational activities are unaffected by the convening of a General Meeting.
