OnTheMarket plc is to hold a General Meeting on 26 May 2022 for shareholders to consider a proposed capital reduction that would provide the Company with greater flexibility to pay dividends to shareholders, should the Board consider it appropriate in the future.
The news comes in the wake of a busy period for OnTheMarket since the arrival of Jason Tebb who took over as Chief Executive Officer in December 2020. Since then, Jason has implemented sweeping changes to the business, starting with a root and branch review which so far has led to a series of ‘best-in-class’ commercial partnerships, a new website with improved functionality, and a new brand supported by a new TV advert and ongoing media campaign.
Jason Tebb, Chief Executive Officer of OnTheMarket, comments: “In 2014 agents began investing with loan notes and pre-subscription fees to build their own portal in order to share the rewards of its future success. Over the last few years, we’ve seen OnTheMarket go from strength to strength with the launch of our new website, new valuation driving products and new commercial partnerships. We’re now exploring the next steps required to build on this momentum and realise those rewards for our shareholders.”
Jason continues: “We remain committed to the provision of a proposition differentiated by agent ownership and this is another major step on that journey.”
Agents hold approximately 60 per cent of OnTheMarket’s shares, positioning them to benefit from any future dividend payments made by the Company.
Jason Tebb concludes: “We’re continuing to evolve the business to support our long-term aim of increasing the value we offer our customers, in line with our strategy of building a differentiated, technology-enabled property business. We remain committed to keeping our listing fees fair and sustainable, whilst working to create value which, as owners, our shareholder agents can share in.”
