OnTheMarket adjusts consideration for Glanty purchase downwards

(Sharecast News) - Property marketing portal operator OnTheMarket announced on Monday that the initial consideration paid for the 80% share in Glanty in May was being reduced, with the return by the vendors of 163,154 ordinary shares in the company.
The AIM-traded firm said that was equivalent to a reduction of £0.147m based on the share price used in the initial purchase.

It arose under the previously-announced post-completion adjustment mechanism, based on Glanty's net cash-net debt and actual working capital position at completion.

Of the balance of 1,365,678 shares received by the vendors of Glanty, 423,589 remained locked-in for three years and 942,089 locked-in for four years, from 28 May 2021.

"Application has been made for the 163,154 shares to be cancelled by OnTheMarket with effect from 2 November," the board said in its statement.

As a result, the total number of ordinary shares and voting rights in the company would be 74,351,144, with OnTheMarket holding no shares in treasury.

At 1147 GMT, shares in OnTheMarket were up 1.94% at 101.95p.