SatoshiPay Update

Blue Star Capital plc

15 November 2023

 

15 November 2023

Blue Star Capital plc

("Blue Star" or the "Company")

SatoshiPay Update

Blue Star Capital plc (AIM: BLU), the investing company with a focus on esports, payments, technology and its applications within media and gaming, provides an update regarding its investee company, SatoshiPay Ltd.

As part of the Company's update provided on SatoshiPay in its half-yearly report announced on 28 June 2023, the Company announced that SatoshiPay had retained Benchmark International, a leading international M&A advisory business, to produce an information memorandum in respect of precuring an accurate valuation for the company and potential expressions of interest for its acquisition. The Company announces that Benchmark have now started to approach investors to establish potential interest in SatoshiPay.

Blue Star has been an investor in SatoshiPay since 2017 and has a shareholding of 27.9 per cent. Based off of the last external funding round that took place between February and May 2019, SatoshiPay was valued at €19.2 million. The Board wishes to stress that the process may or may not lead to an acceptable offer for the sale of part or all of its shareholding in SatoshiPay ​and Blue Star is under no obligation to accept any offers received. It's the Board's belief that while SatoshiPay has made significant progress in recent years, it would benefit from an investor better equipped both financially and strategically to support SatoshiPay's aggressive growth plans. The Board will update the market on this process in due course.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

Blue Star Capital plc	[phone]
Tony Fabrizi
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser and Broker)
Jo Turner / Liam Murray

About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue Star's investments include SatoshiPay Limited, an incubator and service provider to de-fi businesses using blockchain technology; Dynasty Gaming & Media Pte. Ltd., whose B2B white label platform is a full-stack gaming ecosystem; and Sthaler Limited, an identity and payments technology business which enables a consumer to identify themselves and pay using just their finger.

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholder holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

 

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