The Smarter Web Company PLC completes £10M preferred-share offering

The Smarter Web Company PLC has completed a £10 million preferred-share offering to fund Bitcoin purchases and operational growth. While the offering met the minimum requirement for the IPO to proceed, the total fell below the company’s initial target range of £15 million to £25 million.

Of the total, retail investors contributed £7.6 million, while institutional investors provided £2.4 million. After expenses, the company expects net proceeds of approximately £8.3 million. The funds are allocated as follows: £4 million for additional Bitcoin purchases, £500,000 for business growth, and approximately £3.85 million for working capital and general corporate purposes, including reserves for dividends.

The preferred shares, which will trade on the London Stock Exchange under the ticker MORE, are scheduled for admission on October 14. These shares do not carry voting rights but feature a cumulative, variable dividend starting at an annual rate of 12%. The first weekly dividend is expected to be paid by November 9.

Chief Executive Andrew Webley noted that institutional demand was disappointing, but highlighted that the MORE shares would be the first preferred shares from a Bitcoin treasury company to list on a main market outside the United States. The company currently holds 2,747 BTC.