Repayment of Smarter Convert Instrument
The Smarter Web Company PLC has repaid its $11,698,540 Smarter Convert instrument to TOBAM approximately two weeks early, funded by the disposal of 177.8909127 Bitcoin at an average price of $65,762. This repayment eliminates the potential issuance of 7,718,551 ordinary shares and removes these potential shares and the disposed Bitcoin from the company's fully diluted Bitcoin treasury analytics, leaving the company with 2,700 Bitcoin.
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| The Smarter Web Company (LSE: SWC | OTCQB: TSWCF | FRA: 3M8) announces that the Company's Smarter Convert instrument, held by entities related to the TOBAM Group ("TOBAM") and detailed in the Company's announcement on 6 August 2025, has been repaid, approximately two weeks ahead of its maturity, at the request of the Company and with full support from TOBAM. |
The Company has repaid $11,698,540 to TOBAM. The repayment has been funded through the disposal of 177.8909127 Bitcoin at an average price of $65,762, being the total number of Bitcoin acquired from the subscription proceeds. Whilst the original agreement stated at least 98% of the funds must be deployed into Bitcoin, the Company elected to deploy 100% of the funds into Bitcoin and is accordingly obliged to repay 100% of the acquired Bitcoin.
As a result of the repayment, the potential issue of 7,718,551 ordinary shares associated with Smarter Convert has been eliminated. Accordingly, these potential shares, together with the 177.8909127 Bitcoin disposed of to facilitate repayment, have been removed from the Company's fully diluted Bitcoin treasury analytics.
Following the disposal, the Company holds 2,700 Bitcoin.
Andrew Webley, CEO, The Smarter Web Company, commented:
"When we entered into Smarter Convert in August 2025, it provided an innovative alternative to traditional leverage. The structure enabled us to strengthen our balance sheet whilst maintaining flexibility during an early stage of our Bitcoin treasury strategy.
As the Company has evolved, so too has our approach to capital allocation. Looking ahead, whilst we continue to recognise the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company.
I would like to thank TOBAM for their support and partnership in developing this innovative structure. We remain grateful for their confidence in the Company."
Visit our website: https://www.smarterwebcompany.co.uk
Follow us on X: https://x.com/smarterwebuk
The Smarter Web Company's Legal Entity Identifier (LEI) is 213800VQO9FUG4PZMP73.
The Directors of the Company accept responsibility for the contents of this announcement.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.