The Smarter Web Company PLC (LSE: SWC) has announced the purchase of 1,775 of its MORE Preferred Shares at £80.354 each on 3 November 2026, representing a 10.7% discount to the original £90 offer price at which the shares were issued under the company's prospectus dated 29 September 2026. The aggregate consideration of £142,985 was funded from existing cash resources, with the acquired shares to be held in treasury. The company also confirmed that MORE Preferred Shares are now quoted on the OTCID Basic Market in the United States under the ticker MORPF, broadening access for international investors.

Key Points

  • The Smarter Web Company PLC (LSE: SWC; MORE Preferred Shares: MORE)
  • The company purchased 1,775 MORE Preferred Shares at £80.354 each, totalling £142,985, funded from existing cash
  • 209,337 Preferred Shares remain in issue excluding treasury; MORE now quoted on OTCID Basic Market (MORPF) effective 3 November 2026
  • Investors should watch whether the board exercises further buyback authority and monitor MORE's trading price relative to its £90 issue price

MORE Preferred Shares Buyback at 10.7% Discount Signals Board Conviction on Valuation

The buyback was conducted under authority granted at the company's General Meeting on 28 September 2026 and follows the admission of MORE Preferred Shares to the Main Market of the London Stock Exchange on 14 October 2026. The board stated that the purchase at £80.354 per share represents a compelling use of capital, citing the company's view that the current market price does not adequately reflect the characteristics of MORE, including its high dividend yield, asset backing, and disciplined leverage. The purchased shares will be held in treasury and will not carry any entitlement to dividends while so held.

MORE Preferred Share Features: 12% Initial Dividend Rate, Weekly Payments and Two-Year Cash Buffer

The MORE Preferred Shares were launched with an initial annual variable dividend rate of 12%, based on a £100 reference amount per share, with cumulative preferential dividends intended to be paid weekly. 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. The company also disclosed that its current leverage ratio stands below 15%, calculated as total debt outstanding plus Preferred Shares, minus treasury cash balance and dividend cash balance, divided by Bitcoin value, reflecting the company's Bitcoin treasury strategy.

MORE Preferred Shares Listed on US OTCID Market Under Ticker MORPF from 3 November 2026

Effective 3 November 2026, MORE Preferred Shares are quoted on the OTCID Basic Market in the United States under the ticker symbol MORPF. The company stated this represents a step in broadening access for US investors and supporting the development of a wider international investor base. Since their London Stock Exchange debut, 32,446 Preferred Shares have traded, representing a total value of £2,919,087 as at the close of trading on 2 November 2026, suggesting meaningful early market engagement with the new security.

The Smarter Web Company's Bitcoin Treasury Policy Underpins MORE's Capital Role

The Smarter Web Company owns and operates digital services businesses focused on web design, development, and digital marketing, serving more than 500 client websites. Alongside this operating base, the company maintains a Bitcoin treasury policy under which Bitcoin is its primary treasury reserve asset. The MORE Preferred Shares are designed to provide an additional source of capital to support this Bitcoin treasury strategy and the company's operating businesses. Investors should note that Bitcoin holdings carry material volatility risk, and the Financial Conduct Authority considers investment in Bitcoin to be high risk.