OnTheMarket issues new shares for agents signing longer term listing deals

OnTheMarket has issued new shares for agents who have signed new long-term listings agreements.

The listed portal said in a stock market update yesterday that it has applied to issue 170,041 ordinary shares at 0.2p each.

It is expected that admission will become effective on 29 July 2022.

The announcement said the new ordinary shares have been issued to certain agents “following them having earlier signed new long-term listing agreements in accordance with the strategy set out in the admission document published on 26 January 2018.”

It comes as many agents who invested in the OnTheMarket initial public offering (IPO) in February 2018 signed up to five-year contracts that will end in February 2023.

OnTheMarket chief executive Jason Tebb told Estate Agent Today last month that it was in “positive discussions” with shareholder agents.

Following admission, the total number of ordinary shares and voting rights in the company will be 75,123,326, the update said.
 

The portal held its annual general meeting yesterday where Christopher Bell, non-executive chairman, told shareholders that the group has made a “positive start” to its 2023 financial year.

He said: “Trading has been in line with the board's expectations.

“Notwithstanding the well-publicised macro-economic uncertainty, the fundamentals of the UK residential property market currently remain good, with market activity remaining high and demand for properties significantly outweighing supply.

“The group continues to be mindful of its impact on all stakeholders.”

He also revealed that work is continuing on calculating and benchmarking the portal’s carbon footprint as well as formulating a sustainability strategy for the company.