The Smarter Web Company has launched an initial public offering of MORE, a sterling-denominated perpetual preferred share that it intends to list on the London Stock Exchange Main Market. The company is seeking £15 million to £25 million in gross proceeds by issuing up to 277,777 shares at £90 each, subject to a £10 million minimum raise and other admission requirements. MORE carries a £100 liquidation preference and an initial 12% annual dividend rate on that reference amount, producing a 13.33% running yield at issue; dividends are cumulative, accrue daily and are intended to be paid weekly in sterling. Net proceeds are expected to total £13.1 million to £22.7 million, with funds directed primarily to working capital, dividend reserves and additional Bitcoin purchases. The offer closes at 4:30 p.m. London time on Oct. 9, and dealings are scheduled to begin at 8 a.m. on Oct. 14 if the conditions are met. The securities have no voting rights, maturity date or holder put option, while the company can redeem them at £110 plus arrears on 10 working days' notice.