The Smarter Web Company Moves Forward with MORE Shares
The Smarter Web Company has received the green light from its shareholders to move forward with the establishment of its anticipated MORE perpetual preferred shares, a significant step toward a potential listing on the Main Market of the London Stock Exchange. During a general meeting held on September 28, the company announced that all three resolutions necessary for this endeavor received overwhelming approval from its shareholders.
Shareholder Approval and Resolutions
The first resolution, which made alterations to the company’s articles of association to introduce the new class of shares, garnered 163.8 million votes or 99.86% in favor, with only 231,386 votes (0.14%) against. Approval for the directors to issue the preferred shares also saw strong backing, recording 99.84% support. The third resolution, permitting the company to repurchase the preferred shares on the market, had an identical approval rate of 99.86%.
This successful vote enables the board to obtain the authority it sought ahead of a possible initial public offering (IPO) of the preferred shares, which will be assigned the ticker symbol MORE. However, the IPO itself is still pending and contingent upon several other factors, particularly the validation of a prospectus by the UK Financial Conduct Authority (FCA).
IPO Goals and Conditions
The company is targeting to raise between £15 million and £25 million by offering these securities to institutional investors and selected retail investors in the UK, facilitated via brokers and investment platforms. Importantly, the IPO requires a minimum of £10 million to be raised to move ahead, along with commitments from at least three market makers. Also, more than 50% of the preferred shares must be in public hands; failure to meet any of these conditions would halt the IPO.
Details of the MORE Shares
The proposed MORE shares will offer a cumulative variable rate dividend paid on a weekly basis. While investors will enjoy a liquidation preference, they will not have voting rights during company meetings, and the company retains the right to redeem these shares. Management identified several potential revenue sources to fulfill dividend obligations, including ongoing cash flows, Bitcoin reserves, and access to public capital markets.
Although precise terms of the offering have yet to be finalized, the details are expected to be shared through either a confirmation of intention to float or an official prospectus if the IPO is initiated. The company’s CEO, Andrew Webley, has expressed optimism about the listing, noting that MORE aims to be the first sterling-denominated perpetual preferred share on the LSE Main Market by a UK company focused on a Bitcoin treasury strategy.
Funding Strategies and Bitcoin Focus
This new financial tool is seen as a strategic avenue for bolstering long-term capital and expanding the investor base while diversifying the company’s capital structure. In its funding strategies, The Smarter Web Company has previously tapped various methods including equity sales and Bitcoin collateralized borrowing. In May, for instance, it secured £18 million via a Coinbase credit facility leveraged against its Bitcoin assets.
Additionally, adjustments to its financing approach were noted in July when the company repaid an $11.7 million convertible instrument by liquidating 177.89 BTC—eliminating a potential dilution of shares that could have arisen from the instrument’s terms. After this repayment, the company resumed Bitcoin acquisitions, increasing its treasury holdings to 2,747 BTC by early September. Management reiterated that Bitcoin remains central to the company’s long-term strategy, which is aimed at increasing Bitcoin per ordinary share over the next decade.
Future Outlook
As the company continues to navigate this landscape, the MORE proposal complements its existing At The Market (ATM) facility, intending to potentially set up a new ATM facility targeting the sale of preferred shares. However, Smarter Web cautioned that shareholder approval does not ensure the issuance of these shares or the progression of the IPO and its eventual listing on the exchange.
