The Smarter Web Company (LSE:SWC) launched the initial public offering of a new preferred share class, MORE, on 29 September, following FCA approval of its prospectus.
The IPO targets gross proceeds of £15m to £25m, priced at £90 per preferred share, with up to 277,777 shares on offer and a minimum raise condition of £10m.
MORE carries a cumulative, variable preferential dividend starting at 12% a year on a £100 nominal value, paid weekly, with a liquidation preference ahead of shares and no voting rights.
Net proceeds are earmarked for working capital, further Bitcoin purchases and growth of the operating business, and the company noted that the structure "would allow us to raise capital without issuing further shares."
The web design and marketing group, which also runs a Bitcoin treasury under its "10 Year Plan," is working to simplify its balance sheet.
It repaid the Smarter Convert instrument in full on 23 July, funding the $11.7m repayment by selling 177.89 BTC and removing 7.72m potential shares from its fully diluted count.
A £210m capital reduction also took effect in July, lifting distributable reserves.
Bitcoin holdings fell to 2,747 BTC at 30 September from 2,878 BTC in June, as the Smarter Convert disposal outweighed 46.89 BTC of fresh purchases, leaving quarterly BTC yield at minus 4.35%.
Borrowings under the Coinbase credit facility were cut from roughly £20.8m to £19m using proceeds from a £1.89m share placement in September under its existing subscription agreement.
The operating businesses, Smarter Web Operations and Squarebird, traded in line with expectations, serving more than 500 client websites.
Webley said the quarter "has been about building the foundations for the future of Smarter Web."