How MORE works
MORE is the preferred share of The Smarter Web Company PLC. It was admitted to the Main Market of the London Stock Exchange at 8.00am on 14 October 2026, under ISIN GB00C0HJ0D12 (RNS, 14 October 2026). The company describes it as a sterling-denominated perpetual preferred share. The initial public offering raised £10.0 million gross at £90 per share. That was the minimum condition of the offer, against a target of £15 million to £25 million. In total, 211,112 shares were admitted: 111,112 from the offer and 100,000 issued into an ATM facility (Results of Offer RNS, 12 October 2026).
According to the company's Quarterly Investor Update of 1 October 2026, 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 board may vary the rate "subject to certain parameters" set out in the prospectus. MORE also carries a liquidation preference ranking ahead of the ordinary shares and a redemption right for the company. It has no voting rights.
Dividends follow a weekly cycle: ex-dividend on Thursday, record date on Friday, and payment within ten working days. The first dividend is £0.2301 per share, with a record date of 23 October 2026 and a latest payment date of 9 November 2026. Shares held in the ATM facility do not receive dividends until they are sold.
What 21DC has not yet confirmed. The terms above come from company announcements. 21DC has not yet reviewed the FCA-approved prospectus of 29 September 2026, which is available on the FCA's National Storage Mechanism. We have not verified the following:
- the parameters for changing the rate;
- the amount and mechanics of the liquidation preference, including whether it is £100;
- the price, timing and conditions of the company's redemption right;
- any conversion feature;
- what happens to unpaid dividends if the board suspends payment;
- how MORE ranks against the company's Coinbase credit facility.
This page stays provisional until those terms have been checked against the prospectus. For a running record of announcements, see the Smarter Web Company sterling preferred guide.
Reviewed against The Smarter Web Company's Quarterly Investor Update (1 October 2026), the Results of Offer and Preferred Dividend Timetable RNS (12 October 2026) and the First Day of Dealings RNS (14 October 2026); the FCA-approved prospectus of 29 September 2026 has not yet been reviewed. A summary; the filing governs.