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LONDON - The Smarter Web Company PLC announced on Thursday the launch of an accelerated bookbuild to raise a minimum of £15 million through the issuance of new ordinary shares at £2.95 per share.
The bookbuild, managed by Tennyson Securities and Peterhouse Capital Limited, opened immediately following the announcement and is expected to close at 21:00 on July 17. The company plans to announce results on Friday morning.
Founded in 2009 by Andrew Webley, former Head of Online at Hargreaves (LON:HRGV) Lansdown, The Smarter Web Company provides web design, development and digital marketing services to businesses of various sizes.
According to the company’s statement, proceeds will support its growth strategy, which focuses on organic expansion of existing services and potential acquisitions. The company has also implemented what it calls a "Bitcoin Treasury Policy" as part of its corporate strategy.
The newly issued shares are expected to be admitted to trading on the Access Segment of the Aquis Stock Exchange Growth Market on July 23.
The announcement notes that while the company holds treasury reserves and surplus cash in Bitcoin, "an investment in the company is not an investment in Bitcoin, either directly or by proxy." The company acknowledges that the UK’s Financial Conduct Authority considers Bitcoin investment high-risk.
The placement is being conducted through an accelerated bookbuild process targeting institutional investors, based on a press release statement from the company.
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