Smarter Web Company has completed a £10 million initial public offering of preferred shares, which began trading on the London Stock Exchange's Main Market under the ticker MORE on October 14. The raise came in at £5 million below the bottom range outlined in the company's prospectus.
Retail investors accounted for approximately 75% of the funding, contributing £7.6 million, while institutional investors supplied £2.4 million. Net proceeds after expenses total approximately £8.3 million.
CEO Andrew Webley acknowledged the shortfall, stating that institutional demand was disappointing as several expected investors chose not to participate, though some indicated interest in observing how the shares trade before committing. He attributed the limited institutional uptake partly to UK financial promotion rules that restricted communication during the offering period and thin traditional media coverage.
The company will issue 111,112 preferred shares at £90 each, with an additional 100,000 shares available through an at-the-market facility managed by Tennyson Capital.
Dividend Structure
Preferred shareholders will receive cumulative, variable weekly dividends starting at an initial 12% annual rate on £100. The first payment of £0.2301 per share is payable by November 9 to holders on the October 23 record date. Missed dividend payments carry forward, and the board can adjust the rate within limits set in the prospectus.
Webley described MORE as the first preferred share from a Bitcoin treasury company to list on a main market outside the United States and claimed it will be the first weekly dividend paid by a London-listed commercial firm.
Use of Proceeds
With the total raise falling below the £15 million target, proceeds will be allocated according to the priority order set in the prospectus. Approximately £3.85 million will cover working capital, general costs, and cash reserves for dividends, while £4 million will be directed toward acquiring additional Bitcoin. The remaining £500,000 will support the operating business.
Smarter Web became a public company in April 2025 following a £2.1 million fundraise. The company currently holds 2,747 BTC and ranks among the largest public Bitcoin treasury companies in the UK.
