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LONDON - The Smarter Web Company PLC announced Friday it is conducting an accelerated bookbuild to raise a minimum of £15 million through the issuance of new ordinary shares at £1.80 per share.
The web design and digital marketing firm said the placement, managed by Tennyson Securities and Peterhouse Capital Limited, opened immediately following the announcement and will close at 21:00 on June 13. Results are expected to be announced on June 16.
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 also noted it is implementing a Bitcoin treasury policy as part of its strategy.
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.
The placement is conditional on the new shares being admitted to trading on the Access Segment of the Aquis Stock Exchange Growth Market, with admission expected to become effective on June 19.
The company disclosed that it holds treasury reserves and surplus cash in Bitcoin, acknowledging the UK Financial Conduct Authority considers Bitcoin investment high-risk. The board stated it views Bitcoin as "an appropriate store of value and growth for the Company’s reserves."
Institutional investors interested in participating in the bookbuild are directed to contact Tennyson Securities or Peterhouse Capital Limited, according to the press release statement.
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