1 Nov 2021 07:00
1 November 2021
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
Adjustment of Initial Acquisition Consideration for Glanty Limited and Total Voting Rights
OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, announces that the initial consideration paid for the 80% of shares in Glanty Limited it acquired in May 2021 is being reduced, with the return by the vendors of 163,154 ordinary shares of £0.002 in the Company.
This is equivalent to a reduction of £147,000 based upon the share price used in the initial purchase of the 80% of Glanty Limited. It arises under the previously announced post-completion adjustment mechanism based upon Glanty Limited's net cash/net debt and actual working capital position as at completion.
Of the balance of 1,365,678 shares received by the vendors of Glanty Limited, 423,589 are locked-in for 3 years and 942,089 are locked-in for 4 years from 28 May 2021.
Application has been made for the 163,154 shares to be cancelled by OnTheMarket with effect from 2 November 2021. Accordingly, the total number of ordinary shares and voting rights in the Company will be 74,351,144. The Company does not hold any shares in treasury.
The above figure of 74,351,144 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Clive Beattie, Chief Financial Officer
Tulchan Communications 0207 353 4200
Giles Kernick
Oliver Norgate
Zeus Capital (Nominated Adviser/Joint Broker) 0203 823 5000
Jamie Peel, Martin Green, James Hornigold
(Corporate Finance)
Benjamin Robertson (Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush, John More (Corporate Finance)
Fiona Conroy (Corporate Broking)
Background on OnTheMarket:
OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, is a leading UK residential property portal provider.
Its objective is to create value for shareholders and property advertiser customers by delivering an agent-backed, technology enabled portal - offering a first-class service to agents and new homes developers at sustainably fair prices and becoming the go-to portal for serious property-seekers.
OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. Agent backing and support enable OnTheMarket to display "New & Exclusive" properties to serious property-seekers 24 hours or more before agents release these properties to other portals.