The Smarter Web Company's sterling preferred (MORE)

MORE is a preferred share issued by The Smarter Web Company PLC, a UK company that holds bitcoin as a treasury asset. In its Quarterly Investor Update of 1 October 2026, the company describes MORE as a sterling-denominated perpetual preferred share listed on the Main Market of the London Stock Exchange, issued by a UK-incorporated commercial company with a bitcoin treasury strategy. It is the first of its kind in the UK, according to the company's directors.

This is a living page. It records what the company has announced, with dates, and separates that from what 21DC has not yet been able to confirm. For the data view of the instrument, see the MORE instrument page.

Timeline of announcements

17 June 2026. Shareholders approve a reduction of the company's share premium account. The reduction, of £210,000,000, takes effect in July 2026. The company says it increases distributable reserves (Quarterly Investor Update, 1 October 2026).

11 September 2026. The company announces its intention to float a new class of non-voting preferred shares under the ticker MORE on the Main Market of the London Stock Exchange.

28 September 2026. A general meeting approves the three resolutions needed to create, allot and, if required, repurchase the preferred shares. Each passed with more than 99.8% of votes cast. New articles of association are adopted with immediate effect.

29 September 2026. The FCA approves the prospectus and the company launches the IPO. It offers up to 277,777 preferred shares at £90 each, targeting gross proceeds of £15 million to £25 million. The offer is conditional on raising at least £10 million. There is an institutional offer and a retail offer, the latter through the Winterflood Retail Access Platform's network of intermediaries, with a minimum subscription of £500.

1 October 2026. The Quarterly Investor Update summarises the key terms. MORE carries a cumulative, variable-rate, preferential dividend, payable weekly unless the board suspends payment. The initial rate is 12% a year of £100 per share. The shares have a liquidation preference ranking ahead of the ordinary shares, a redemption right for the company and no voting rights.

9 October 2026. The institutional and retail offers close at 4.30pm.

12 October 2026. The Results of Offer and Preferred Dividend Timetable RNS reports gross proceeds of £10.0 million (£2.4 million institutional, £7.6 million retail) and net proceeds of about £8.3 million. The company issues 111,112 shares under the IPO and 100,000 shares into a preferred shares ATM facility. It sets out the first dividend and a weekly timetable running to 1 October 2027.

14 October 2026. First day of dealings. 211,112 preferred shares are admitted at 8.00am to the non-equity shares and non-voting equity shares category of the Official List and to trading on the Main Market. The ticker is MORE and the ISIN is GB00C0HJ0D12. The company says that from 22 October 2026 it will publish a single weekly update each Thursday covering ATM sales of both preferred and ordinary shares, where sales have occurred.

22 October 2026. The first ex-dividend date.

The weekly dividend

According to the 12 October 2026 RNS, the weekly cycle works like this:

• the ex-dividend date is a Thursday;
• the record date is the following day, a Friday;
• payment is due no later than ten working days after the record date, usually on the Monday two weeks after it.

Bank holidays shift some dates. Each dividend is to be confirmed by an RNS announcement before its record date.

The first dividend is £0.2301 per share. Its ex-date is 22 October 2026, its record date is 23 October 2026 and its latest payment date is 9 November 2026. At 12% a year on £100, a full week's dividend is roughly £0.23. 21DC has not seen the company's working for the exact figure.

The RNS also says the London Stock Exchange has indicated there will be no ex-dividend dates between 4 and 18 October 2027. That gap is connected with the UK's planned move to T+1 settlement on 11 October 2027.

The ATM facility

The 100,000 shares issued into the ATM facility are held by or for Tennyson Capital. Tennyson will use reasonable endeavours to sell them on market over up to 12 months, with a possible three-month extension. It has waived dividends on those shares until they are sold. So of the 211,112 shares admitted, 111,112 were receiving dividends at admission. The company says it will use ATM proceeds for working capital and reserves, further bitcoin purchases and growth of the operating business.

What is not yet confirmed

The company's announcements leave several terms to the prospectus, which 21DC has not yet reviewed. Until it has, the following are unconfirmed:

• Rate parameters. The board may vary the rate "subject to certain parameters". The limits, notice periods and any link to a reference rate are not stated in the announcements.
• Liquidation preference. Its existence and ranking ahead of the ordinary shares are confirmed. The amount (some secondary sources say £100) and how it is calculated are not.
• Redemption. The company has a redemption right. Its price, timing and conditions are not stated in the announcements.
• Suspension. The board can suspend weekly payments. How suspended amounts accumulate, and whether they compound, is not stated beyond the word "cumulative".
• Conversion. The announcements mention no conversion feature. 21DC has not confirmed that none exists.
• Ranking against debt. The company had about £19.0 million outstanding on a bitcoin-backed credit facility with Coinbase, according to the 1 October 2026 update. How MORE ranks against it is not stated in the announcements.

What to check in the filing

• The prospectus dated 29 September 2026, on the FCA's National Storage Mechanism or the company's website, for the rate-setting parameters and any limits on cuts.
• The liquidation preference amount and how it is calculated.
• Redemption price, notice period and any restrictions.
• How dividends accrue if the board suspends payment, and whether arrears compound.
• The weekly RNS dividend confirmations, which can change amounts or dates.
• The Thursday ATM update RNSs, which change the number of shares in public hands.