The Smarter Web Company PLC announces that, on 3 November 2026, it purchased 1,775 of its MORE Preferred Shares (ISIN: GB00C0HJ0D12; TIDM: MORE) (the "Preferred Shares" or "MORE") at a price of £80.354 per Preferred Share. The aggregate total consideration was £142,985 and was funded from the Company’s existing cash resources.
The purchase was made pursuant to the authority granted at the Company’s General Meeting on 28 September 2026. The Company's purchase at £80.354 per Preferred Share represents a discount of approximately 10.7% to MORE's original £90 offer price per Preferred Share under the prospectus published by the Company on 29 September 2026 (the "Prospectus"). The purchased Preferred Shares will be held in treasury and will not carry any entitlement to dividends while so held. Following the purchase, 209,337 Preferred Shares remain in issue, excluding the 1,775 Preferred Shares held in treasury. Of these, 99,975 are held by or on behalf of Tennyson Capital under the Company’s Preferred Shares at-the-market facility.
MORE Preferred Shares
The Preferred Shares were admitted to trading on the Main Market of the London Stock Exchange on 14 October 2026 as part of the Company's long-term capital strategy, broadening its access to capital while offering investors a differentiated income-oriented equity.
Since launch, the Preferred Shares have seen strong trading activity, with 32,446 Preferred Shares traded on the London Stock Exchange, representing a total value of £2,919,087 as at the close of trading on 2 November 2026, reflecting market engagement with the new security.
The Company believes that the Preferred Shares' combination of a high dividend yield, substantial asset backing and a disciplined approach to leverage represents an attractive investment proposition, and that the current market price does not adequately reflect these characteristics.
Accordingly, the Company considers the purchase at £80.354 per Preferred Share to represent a compelling use of capital. The Board will continue to consider further purchases of Preferred Shares under its existing shareholder authority, subject to market conditions, the Company’s available resources and applicable law and regulation. Any such purchases would be announced.
Key features of MORE include:
- Weekly dividends: The Preferred Shares were launched with an initial annual variable dividend rate of 12%, based on a £100 reference amount per Preferred Share, with cumulative preferential dividends intended to be paid weekly, subject to applicable requirements.