MORE Preferred Shares Buyback
Summary by AI BETAClose X
4 November 2026
The Smarter Web Company PLC
("The Smarter Web Company" or the "Company")
MORE Preferred Shares Buyback
The Smarter Web Company PLC announces that, on 3 November 2026, it purchased 1,775 of its MORE Preferred Shares (ISIN: GB00C0HJ0D12; TIDM: MORE) (the "Preferred Shares" or "MORE") at a price of £80.354 per Preferred Share. The aggregate total consideration was £142,985 and was funded from the Company's existing cash resources.
The purchase was made pursuant to the authority granted at the Company's General Meeting on 28 September 2026. The Company's purchase at £80.354 per Preferred Share represents a discount of approximately 10.7% to MORE's original £90 offer price per Preferred Share under the prospectus published by the Company on 29 September 2026 (the "Prospectus").
The purchased Preferred Shares will be held in treasury and will not carry any entitlement to dividends while so held. Following the purchase, 209,337 Preferred Shares remain in issue, excluding the 1,775 Preferred Shares held in treasury. Of these, 99,975 are held by or on behalf of Tennyson Capital under the Company's Preferred Shares at-the-market facility.
MORE Preferred Shares
The Preferred Shares were admitted to trading on the Main Market of the London Stock Exchange on 14 October 2026 as part of the Company's long-term capital strategy, broadening its access to capital while offering investors a differentiated income-oriented equity.
Since launch, the Preferred Shares have seen strong trading activity, with 32,446 Preferred Shares traded on the London Stock Exchange, representing a total value of £2,919,087 as at the close of trading on 2 November 2026, reflecting market engagement with the new security.
The Company believes that the Preferred Shares' combination of a high dividend yield, substantial asset backing and a disciplined approach to leverage represents an attractive investment proposition, and that the current market price does not adequately reflect these characteristics.
Accordingly, the Company considers the purchase at £80.354 per Preferred Share to represent a compelling use of capital. The Board will continue to consider further purchases of Preferred Shares under its existing shareholder authority, subject to market conditions, the Company's available resources and applicable law and regulation. Any such purchases would be announced.
Key features of MORE include:
· Weekly dividends: The Preferred Shares were launched with an initial annual variable dividend rate of 12%, based on a £100 reference amount per Preferred Share, with cumulative preferential dividends intended to be paid weekly, subject to applicable requirements.
· Two-year dividend cash buffer: The Company's policy is to maintain cash reserves equivalent to at least two years of expected dividend payments on the Preferred Shares, providing additional financial resilience and supporting its ability to pay those dividends.
· Modest leverage: The Company maintains a disciplined approach with its current leverage ratio, being below 15% as at the date of this announcement. This is calculated as: (total debt outstanding + Preferred Shares - treasury cash balance - dividend cash balance) / Bitcoin value.
· Flexible dividend rate: The Board has the ability to adjust the dividend rate, within the parameters set out in the Prospectus.
· Supporting long-term growth: The Preferred Shares provide the Company with an additional source of capital to support its Bitcoin treasury strategy, operating businesses and long-term growth ambitions.
US OTC Market Trading
Effective 3 November 2026, the Preferred Shares are now quoted on the OTCID Basic Market in the United States under the ticker symbol MORPF.
This represents a further step in broadening access to the Preferred Shares for US investors and supporting the development of a wider international investor base.
The Company believes that increased accessibility and broader investor participation will support its long-term ambition to establish the Preferred Shares as a widely held and attractive income-oriented preferred equity.
Andrew Webley, Chief Executive Officer of The Smarter Web Company, commented:
"MORE combines a high dividend yield with substantial asset backing, a disciplined approach to leverage and a rolling two-year cash reserve for Preferred Share dividend payments.
"At a price of £80.354 per Preferred Share, MORE offers an annualised dividend yield of 14.93% based on the prevailing variable dividend rate. We believe that the current market price does not fully reflect the characteristics of MORE, particularly when considered alongside the strength of The Smarter Web Company's balance sheet.
"Our decision to purchase 1,775 Preferred Shares reflects that conviction. We recognise that market pricing is ultimately determined by investors, and we will consider further purchases of Preferred Shares on an ongoing basis as deemed appropriate. Our ambition is to establish MORE as a successful, sustainable and widely held preferred equity."
Enquiries
|
The Smarter Web Company CEO / CFO Andrew Webley / Oliver Hewett |
+44 (0) 117 313 0459 |
|
Tennyson Securities Broker Peter Krens |
+44 (0) 207 186 9030 |
|
Strand Hanson Limited Financial Adviser James Bellman / Abigail Wennington |
+44 (0) 207 409 3494 |
About The Smarter Web Company
The Company owns and operates digital services businesses focused on web design, development and digital marketing. The Company serves more than 500 client websites across a diverse range of sectors and generates a significant and growing proportion of its revenue through long-term client relationships and retained service arrangements.
The Company's strategy combines the operation and acquisition of cash-generative businesses with a Bitcoin treasury policy designed to build long-term Shareholder value (the "Bitcoin Treasury Policy"). The Directors believe that Bitcoin will form a significant part of the future global financial system and have therefore adopted this Bitcoin Treasury Policy under which Bitcoin is the Company's primary treasury reserve asset.
The primary objectives of the Bitcoin Treasury Policy are to support the Company's overall capital position and to seek to increase Bitcoin per Ordinary Share over time, with a secondary objective of increasing the total number of Bitcoin held on the Company's balance sheet. The Directors believe that growing Bitcoin per share while simultaneously increasing the scale of the Company's Bitcoin holdings creates a stronger balance sheet and supports the Company as a whole in providing a more attractive investment proposition for existing and prospective Shareholders.
As the strength of the balance sheet increases, the Company believes it can access larger pools of capital on favourable terms, provided such capital raising activity remains accretive to Bitcoin per Ordinary Share. This creates a cycle in which capital can be deployed to pursue strategic acquisitions and acquire additional Bitcoin that strengthen the Company's operating businesses, increase revenues and cash generation, and further enhance the overall strength of the Company.
The Ordinary Shares are admitted to listing on the equity shares (commercial companies) category of the Official List and to trading on the Main Market of the London Stock Exchange under the ticker SWC and are quoted on the OTCQB Venture Market in the U.S. under the ticker TSWCF. The Ordinary Shares can also be traded on the Frankfurt Stock Exchange under the ticker 3M8.
The Preferred Shares are admitted to listing on the non-equity shares and non-voting equity shares category of the Official List and to trading on the Main Market of the London Stock Exchange under the ticker MORE and are quoted on the OTCID Basic Market in the U.S. under the ticker MORPF.
Please also see "The 10 Year Plan", announced by the Company via a regulatory information service at 7.00 a.m. on 28 April 2025 and available on the Company's website: https://www.smarterwebcompany.co.uk
Follow the Company on X: https://x.com/smarterwebuk
The Smarter Web Company's Legal Entity Identifier (LEI) is 213800VQO9FUG4PZMP73.
The Directors of the Company accept responsibility for the contents of this announcement.
Important Notice
The Smarter Web Company PLC holds treasury reserves and surplus cash in Bitcoin. Bitcoin is a type of cryptocurrency or cryptoasset. Whilst the Board of Directors of the Company considers holding Bitcoin to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the Financial Conduct Authority or FCA) considers investment in Bitcoin to be high risk. An investment in the Company is not an investment in Bitcoin, either directly or by proxy. However, the Board of Directors of the Company considers Bitcoin to be an appropriate store of value and growth for the Company's reserves and, accordingly, the Company is materially exposed to Bitcoin. Such an approach is innovative, and the Board of Directors of the Company wishes to be clear and transparent with prospective and actual investors in the Company on the Company's position in this regard.
The Company is neither authorised nor regulated in the conduct of its business by the FCA, and there is currently limited regulation of cryptocurrencies (such as Bitcoin) in the UK. As with most other investments, the value of Bitcoin can go down as well as up, and therefore the value of the Company's Bitcoin holdings can fluctuate. The Company may not be able to realise its Bitcoin exposure for the same as it paid in the first place or even for the value the Company ascribes to its Bitcoin positions due to these market movements. An investment in the Company is not protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme.
Nevertheless, the Board of Directors of the Company has taken the decision to invest in Bitcoin, and in doing so is mindful of the special risks Bitcoin presents to the Company's financial position. These risks include (but are not limited to): (i) the value of Bitcoin can be highly volatile, with value dropping as quickly as it can rise. Investors in Bitcoin must be prepared to lose all money invested in Bitcoin; (ii) the Bitcoin market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to buy or sell its Bitcoin at will. The ability to buy or sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay; and (iv) cryptoassets are characterised in some quarters by high degrees of fraud, money laundering and financial crime. In addition, there is a perception in some quarters that cyber-attacks are prominent, which can lead to theft of holdings or ransom demands. The Board of Directors of the Company does not subscribe to such a negative view, especially in relation to Bitcoin. However, prospective investors in the Company are encouraged to do their own research before investing.
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