Smarter Web Secures Shareholder Approval for MORE Preferred Shares

Smarter Web Company has secured shareholder approval for its proposed MORE perpetual preferred shares, clearing a key condition for a possible listing on the London Stock Exchange Main Market.

The company's shareholders voted in favor of three resolutions at the September 28 general meeting: amending the articles of association to accommodate the new share class, giving directors authority to allot the preferred shares, and allowing the company to buy back preferred shares in the market. The resolutions received support from 99.86% to 99.84% of shareholders.

The proposed IPO will see Smarter Web issue between £15 million and £25 million in gross proceeds by offering the securities to institutional investors in the UK and eligible UK retail investors. The preferred shares would carry a cumulative variable rate preferential dividend paid weekly, with investors having a liquidation preference and the company retaining the right to redeem the shares.

Smarter Web's CEO Andrew Webley said that the proposed Preferred Shares are designed to provide an additional source of long-term capital, broaden the range of investors able to invest in the Company, and further diversify its capital structure. The company has previously used equity sales, convertible financing, and Bitcoin-backed borrowing to fund its treasury strategy.

The shareholder vote follows Smarter Web's September 11 proposal for a possible IPO of MORE, which targets up to £25 million in gross proceeds. The offering is subject to other conditions, including approval of a prospectus by the UK Financial Conduct Authority.