Smarter Web Secures Shareholder Approval for UK's First BTC-Backed Preferred Stock
The Smarter Web Company has secured shareholder approval for its new perpetual preferred stock, MORE. The company plans to raise £15 million-£25 million through an initial public offering (IPO), with £5 million-£8 million earmarked for additional Bitcoin purchases.
MORE shares will be listed on the London Stock Exchange's Main Market and offer a weekly dividend of 12% against a £100 reference amount. The dividend rate is variable, but payments can be suspended if necessary. Unpaid dividends accumulate without interest or compounding.
The company expects net IPO proceeds of approximately £13.1 million-£22.7 million, with the largest allocation intended for working capital and general corporate purposes. The Smarter Web plans to use its strategy to combine digital services businesses with Bitcoin accumulation, aiming to increase Bitcoin per ordinary share.