Smarter Web shareholders approve MORE preferred shares ahead of possible LSE IPO
Smarter Web Company shareholders cleared the resolutions needed for its proposed MORE perpetual preferred shares, opening the way to a possible London listing raising £15m to £25m.
Why it matters
The vote is one step in a capital raise that would put a Bitcoin-linked preferred share on the London market, a structure Bitcoin Insider says has no UK precedent, and the FCA still has to approve a prospectus before anything is offered. The terms Bitcoin Insider lists as unspecified, including how the Bitcoin would be custodied, would normally be disclosed in that prospectus, so the instrument's economics remain unsettled.
Where the sources disagree
How much of the MORE terms is already disclosed
MORE would pay weekly preferential dividends and carry no voting rights at general meetings
Crypto.News
Dividend structure, conversion rights and how the underlying Bitcoin would be custodied were not specified in the available reporting
Bitcoin Insider
Crypto.News states that MORE would pay weekly preferential dividends with no voting rights, while Bitcoin Insider, citing CryptoBriefing, says dividend structure, conversion rights and Bitcoin custody were not specified in the available reporting.
Key facts
Smarter Web Company shareholders approved all three resolutions put to the company's 28 September general meeting.
Reported by Crypto.News
The three resolutions covered amendments to the articles of association, authority to allot preferred shares and permission for the company to make market purchases of the securities.
Reported by Crypto.News
Resolution 1, the articles of association amendment, passed with 163.8 million votes in favour, 99.86% of votes cast, while 231,386 votes, or 0.14%, went against.
99.86 %Reported by Crypto.News
Smarter Web Company plans to raise between £15 million and £25 million through the proposed preferred share offering.
25,000,000 GBPReported by Crypto.News
The proposed perpetual preferred shares carry the reserved ticker MORE.
Reported by Crypto.News
Crypto.News reported that MORE would pay weekly preferential dividends and would not give holders voting rights at general meetings.
Disputed figureReported by Crypto.News
The offering has not launched and still requires a prospectus approved by the UK Financial Conduct Authority before a possible London Stock Exchange Main Market listing.
Reported by Crypto.News
Bitcoin Insider, citing CryptoBriefing, called MORE the first Bitcoin-backed preferred stock in the United Kingdom and said dividend structure, conversion rights and Bitcoin custody were not specified in the available reporting.
Disputed figureReported by Bitcoin Insider
What happened
Smarter Web Company said shareholders at its 28 September general meeting approved all three resolutions, covering changes to the articles of association, authority to allot preferred shares and permission to make market purchases of the securities. The articles amendment drew 163.8 million votes in favour, 99.86% of votes cast, against 231,386 votes, or 0.14%. The company plans to raise between £15 million and £25 million from an offering of perpetual preferred shares under the reserved ticker MORE, which Crypto.News reports would pay weekly preferential dividends and carry no voting rights at general meetings. The offering has not launched and needs a prospectus approved by the UK Financial Conduct Authority before a possible Main Market listing in London. Bitcoin Insider, citing CryptoBriefing, described MORE as the first Bitcoin-backed preferred stock in the United Kingdom and said dividend structure, conversion rights and Bitcoin custody were not specified in the available reporting, which conflicts with Crypto.News on what is already known about the dividends.
How the story developed
- Official statement
Smarter Web Company publishes results of its 28 September general meeting showing all three resolutions passed
The results are the source for the vote counts on the articles amendment, the share allotment authority and permission to make market purchases.
- First report
First report by Crypto.News
Smarter Web Company shareholders clear path for UK Bitcoin backed preferred shares
- Update
Crypto.News reports the shareholder approval and the £15m to £25m preferred share plan
First of the two reports in the set, naming the reserved ticker MORE and the FCA prospectus condition.
- Update
Bitcoin Insider, citing CryptoBriefing, calls MORE the UK's first Bitcoin-backed preferred stock
The second outlet adds a UK-first claim not made in the first report and lists dividend, conversion and custody terms as unspecified.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 29 Sept 2026, 09:26 UTC: Crypto.News — 1 independent source, 1 reports
- 29 Sept 2026, 09:31 UTC: Bitcoin Insider — 2 independent sources, 2 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Smarter Web Company shareholders clear path for UK Bitcoin backed preferred shares | Original | |
| Bitcoin Insider Aggregator | Smarter Web Company Wins Shareholder Approval for UK’s First Bitcoin-Backed Preferred Stock | Syndicated |
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