The Smarter Web Company launched an initial public offering of a new class of perpetual preferred shares on September 29th, aiming to raise between £15 million and £25 million, according to a regulatory announcement.

The company plans to issue up to 277,777 preferred shares at £90 each under the ticker "MORE."

Trading is expected to begin on the Main Market of the London Stock Exchange at 8:00 a.m. on October 14th, after the U.K. Financial Conduct Authority approved the offering's prospectus.

Holders will receive a cumulative dividend paid weekly, starting at an annual rate of 12% on a £100 base amount per share.

At the £90 offer price, that equals an initial yield of about 13.3% per year, based on a BTC Times calculation.

The board can adjust the rate over time within set parameters, and because the dividend is cumulative, unpaid amounts accumulate rather than lapse.

The shares also carry a liquidation preference and can be redeemed by the company, but they do not include voting rights.

Chief Executive Officer Andrew Webley stated that the company believes MORE will be "the first of their kind in the UK," a sterling-denominated perpetual preferred share listed on the Main Market by a U.K. commercial company with a Bitcoin treasury strategy.

He added that the shares are meant to broaden the company's access to capital alongside its existing funding options while providing investors a possible source of regular income.

The offering combines an institutional placing with a retail offer through the Winterflood Retail Access Platform (WRAP), available to U.K. investors via intermediaries including Hargreaves Lansdown, AJ Bell, and interactive investor.

Retail investors can participate with a minimum of £500, according to a separate retail offer announcement.

Both the institutional and retail offers close at 4:30 p.m. on October 9th, with results expected on or around October 12th.

The company expects net proceeds of £13.1 million to £22.7 million and has earmarked £5 million to £8 million of its planned funds for additional Bitcoin purchases.

Working capital and general corporate purposes, including cash reserves for paying dividends, account for £7.6 million to £14.2 million, while £0.5 million is set aside for its operating business.

Completion requires at least £10 million in gross proceeds, a minimum of three market makers, and a public float threshold being met at admission.

At admission, the company will also issue 100,000 preferred shares into an at-the-market (ATM) facility, which allows additional shares to be sold into the market over time.

The Smarter Web Company held 2,747 Bitcoin as of its most recent purchase disclosure on September 2nd.