This morning, we announced that we’ve retained our majority agent owned status, with just a very small number of shareholders opting to sell their shares in our portal ahead of the expiry of their lock-in arrangements.
In December 2022 we wrote to shareholders setting out details of a proposed streamlined mechanism for eligible agent shareholders who entered into the five-year lock-in arrangements in respect of their shareholding at the time of our admission to AIM in February 2018.
Through the mechanism, selling agent shareholders placed 1.9m shares representing approximately 2.5% of the total share capital of OnTheMarket. As a result, we will remain majority agent owned.
Following the sale announcement this morning at 7am, the entire allocation of shares were placed within the hour and a further announcement was made just before 8am.
Our Chief Executive Officer, Jason Tebb, comments: “Agents are at the heart of everything we do and we are pleased that an overwhelming majority of them have chosen to continue to support OnTheMarket and remain as shareholders for the next stage of our journey. Our strategy to become a tech enabled property business is working and we are making significant progress. We continue to have a unique position as a majority agent-owned business and look forward to working with agents to continue to develop our offering in the future.”
Robert Scott-Lee, Managing Director of Chancellors, comments: “The low level of share transactions preceding the expiry of agent lock-in arrangements is another positive milestone for OnTheMarket. We see clear opportunities for further growth and development, which is why shareholders have displayed their commitment to remaining part of the agents’ portal. As a founding agent, we have worked closely with the team at OnTheMarket since its inception and look forward to seeing what our continuing relationship will bring in the future.”
Paul Smith, Chief Executive Officer of Spicerhaart, comments: “We remain a strong supporter of OnTheMarket’s proposition of sustainable fair pricing and the expiry of agent lock-in arrangements without significant share sales shows that we are not alone. As a founding member, we are delighted to see the portal go from strength to strength and look forward to the future as it continues to develop as a tech-enabled property business.”
John Ennis, CEO of Chestertons, comments: “The fact that agents up and down the country are holding onto their shares of OnTheMarket clearly show that they believe in the portal and are committed to the partnership for the long-term. As a founding agent, we have worked closely with the team at OnTheMarket since its inception and look forward to benefitting from its continuing evolution.”
