Smarter Web Company Plans to Raise £15 Million to £25 Million by Issuing Perpetual Preferred Shares on the London Stock Exchange

Smarter Web Company plans to issue perpetual preferred shares on the main board of the London Stock Exchange, under the code MORE, aiming to raise between £15 million and £25 million. If subscriptions fall below £10 million, the offering will not proceed, and at least three market makers must participate. The preferred shares will pay cumulative floating weekly dividends, enjoy liquidation preference, and the company retains the right to redeem them, but they will not have voting rights. The company currently holds 2,878 bitcoins and, after a High Court approval in July to reduce the share premium by £210 million, has approximately £132.5 million in distributable reserves for dividends. The proposal will be put to a shareholder vote on September 28 and still requires FCA approval for the prospectus.

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