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Smarter Web Co PLC on Monday announced a placing of 6.1 million new shares in the ‘current tranche’ of its subscription fundraise. The Surrey, England-based web design, web development and online marketing services provider reported proceeds of £19.7 million or approximately £3.25 per share. The current tranche of the fundraise comprises 14.0 million shares. Shares in Smarter Web were trading 9.2% higher at 237.50p each on Monday in London Smarter Web announced the signing of the subscription agreement, with Shard Merchant Capital Ltd, on June 19. The deal allows Shard to place up to 21 million new shares in Smarter Web, which receives around 97% of the net proceeds. The company also announced on Tuesday that it will update shareholders on the subscription every two weeks from now on. This will ‘be helpful for shareholders, and enable the company to receive funds earlier’, Smarter Web said. ‘We wanted to update shareholders with the current tranche, and this also enables the proceeds to be settled early this week,’ Chief Executive Officer Andrew Webley commented. ‘I would like to thank both Shard Merchant Capital and [lead broker] Tennyson Securities for the work to date on this innovative funding solution and look forward to reporting future proceeds.’ Smarter Web expects to sign a new subscription agreement once the current tranche is complete, but for all terms to remain the same. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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