My winnings were not great but I was ahead on the spiv buy trade of Satsuma (SATS) and the cash has arrived in my SIPP. I see no point in holding cash so it has been reinvested this morning.
Few things have filled me with more disgust than events this year at Satsuma (SATS) where I am, of course, a loyal shareholder. The company has now committed to cutting its costs back to the bone, delisting and returning most of its cash to shareholders. Having bought its bitcoin at the top it goes without selling that its sold its bitcoin on July 31 , i.e before the recent sharp rally. Timing is everything.
Although the majority of the board of Satsuma Technology (SATS) were campaigning against requisitioned resolutions for a return of capital and stock market delisting, we noted they were hated-by-investors troughers and the shareholder meeting would back the rebels. The votes cast were 90.63% in favour of the return of capital and 90.59% in favour of stock market delisting. Have the board got the message how despised they are and what now?
I explained yesterday why Satsuma (SATS) not filing its accounts so meaning that its shares will be suspended on Wednesday is a cover up and an abuse of basic accounting rules. I hope that the Financial Reporting Council and the FCA will make that clear to Satsuma so force it to publish the numbers ASAP and certainly ahead of a planned GM. My letter has just gone off and is below.
On 24 June Satsuma (SATS) announced that there would be, at last, a vote on returning capital to investors although still leaving £2 million in the kitty after all winddown costs and on delisting to become an unquoted shell. It also said that its audited accounts will not be published by the June 30, 2026 deadline, leading to a requested trading suspension from July 1, 2026. I think that is not justified by accounting law and just a ruse to hide monumental greed. The consequent suspension disadvantages shareholders and, as such, regulators should be all over Satsuma and its board led by disgraced Ranald McGregor-Smith. Here’s why.
Steve and I tipped this stock at 0.25p to buy. It is now 0.2p to sell. All involved should hang their heads in shame. Back in January shareholders in Satsuma (SATS) , revolted by the executive greed, and speaking for half the equity demanded wholesale boardroom change. But they were played. Chairman Ranald McGregor Smith and his sidekick Clive Carver have doubled their pay while pretending to cut costs and have delayed as long as possible demands that the company sell its bitcoin and return cash to shareholders.
Satsuma Technology (SATS) has issued a “Monthly Update” commencing that “May 2026 was a quieter month for the company, with its focus remaining on cost discipline. There were no acquisitions or disposals of Bitcoin during the month”. How serious is the “focus” on cost discipline and, resultantly, shareholder value though?
Yesterday I suggested that you have a flutter on Satsuma (SATS) shares at 0.21p and indeed I drunk some of my own medicine at 0.208p. The shares are now 0.24p and rising as the brilliance of my call has already become apparent. I am, as you know, a modest chap but in point out how this was free money surely I deserve an ouzo?
Satsuma Technologies (SATS) today issued a trading statement which should be the career death sentence for 5 of the 7 man board. And I can reveal that at the AGM in three months' time, it will be.
Shareholders in Satsuma (SATS) had to threaten an EGM to oust fat cat directors and to insert 2 new NEDS with a clear remit of slashing costs. Guess what? It is not going well, in fact…
Last time Satsuma (SATS) changed auditor it was because the bean counter’s quit over its dodgy accountiing. This time it says that it has resigned BDO and appointed the third tier firm of PKF Littlejohn whose maths has featured on this website too often “as part of the cost reduction programme announced on 2 April 2026” But..
Strangely as the bitcoin price has rallied the bitcoin in treasury spoof f bubble is not reinflating. Satsuma (SATS) shares are down by 98% since peak ramp c/o the Bixby Edwards gang and self proclaimed guru, the greedy CEO Henry Elder but is there an end of tunnel in sight. The old management hade largely been axed but still some discredited ancient regime troughers such as chairman Ranald McGregor-Smith stay on. Even after cutting costs the annualised cost base is still a grotesque £2.7 million.
Shares in disastrous bitcoin in treasury Bixby Edwards spoof, Satsuma Technology (SATS) would be stunningly cheap if at 0.2p if I was in charge. I could guarantee that investors would make 50% to 100%. Sadly I am not.
On 28 January the directors of Satsuma (SATS) received a sack the board notice which they subsequently verified as kosher. The reason that 49% of equity owners have already signed up to this is the obscene director and PDMR greed which, as I exposed HERE, will eat into NAV in a suicidal way.
Maybe some folks out there are listening to my suggestions about Satsuma (SATS) after all! For yesterday afternoon its board ‘fessed that Shard Capital, representing 49% of shareholders , had demanded an EGM to sack the CEO and CFO. Natch Satsuma is consulting with its advisors as to the legality etc but you just need to go to the December 17 2025 prospectus to see why this is justified and that the requisitioners are not amateurs.
Satsuma (SATS) shares are now just 0.28p giving a market cap of £31.4 million but it holds bitcoin and cash of £50 million. So why are the shares tumbling and what should the company do?
