The Smarter Web Company PLC (LSE: SWC) announced on 11 September 2026 its intention to float a new class of perpetual preferred shares on the Main Market of the London Stock Exchange, seeking to raise between £15 million and £25 million to support its corporate Bitcoin accumulation strategy.
The proposed securities, reserved under the ticker MORE, would be denominated in pounds sterling and available to UK institutional funds and retail investors via partner platforms. They would carry a cumulative, variable-rate weekly preferential dividend, preferential liquidation rights and a company redemption option, but no voting rights at general meetings. A minimum gross raise of £10 million and at least three registered market makers are required for admission.
As of mid-2026, the company held 2,878 BTC, valued between $178 million and $181 million at the time of filing. To facilitate regular dividend payments under UK law, shareholders approved a £210 million reduction of the share premium account on 17 June 2026, sanctioned by the High Court in July 2026, unlocking about £132.5 million in distributable reserves.
Chief executive Andrew Webley described the proposed shares as “the first of their kind in the UK: a pounds sterling-denominated, London Stock Exchange Main Market-listed perpetual preferred share issued by a UK-incorporated commercial company with a Bitcoin treasury strategy.” The move mirrors US Bitcoin treasury companies such as Strategy, which has issued perpetual preferred stock to fund Bitcoin purchases without diluting ordinary shareholders.
The company, which serves more than 500 clients through web design, development and digital marketing, trades on the LSE under SWC and on the OTCQB Venture Market under TSWCF. Shareholders will vote on the necessary resolutions at an extraordinary general meeting on 28 September 2026 in Bristol, with any final offer remaining subject to Financial Conduct Authority approval of a prospectus.
