Smarter Web Company Plans £25M Preferred Share Listing in London

The Smarter Web Company is seeking to raise up to £25 million through a new class of perpetual preferred shares on the London Stock Exchange. The company intends to use these funds to support its business operations and expand its Bitcoin treasury strategy.

The proposed offering, which carries the ticker 'MORE', targets gross proceeds between £15 million and £25 million. The company has scheduled a general meeting of ordinary shareholders for September 28, 2026. This meeting is intended to secure the necessary authorization for the creation and allotment of these securities, according to an Investing.com report.

"The first of their kind in the UK: a pounds sterling-denominated, London Stock Exchange Main Market-listed perpetual preferred share issued by a UK-incorporated commercial company with a Bitcoin treasury strategy," said Andrew Webley, Chief Executive of The Smarter Web Company, in a statement.

Structure of the 'MORE' Shares

The proposed 'MORE' shares introduce a distinct capital structure for the firm. These preferred shares are non-voting, which ensures that the issuance does not dilute the control of existing common shareholders. Key features of the instrument include:

• Cumulative variable-rate dividends: Payments are calculated on a weekly basis.
• Liquidation preference: Holders receive priority over ordinary shareholders in the event of a company liquidation.
• Redemption right: The company retains the option to redeem the shares at a future date.

Capital Strategy and Market Context

By utilizing perpetual preferred shares, the company aims to secure long-term capital while avoiding the maturity pressures associated with traditional debt instruments. The strategy aligns with the firm’s push to integrate digital assets into its corporate balance sheet.

This offering combines a traditional LSE Main Market listing with a treasury strategy centered on Bitcoin. While preferred shares are common in U.S. markets for corporate financing, they have historically seen less frequent use in London for companies that explicitly link their capital structure to digital asset holdings.