14 Dec 2020 07:01
None of the information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, nor does it contain any information that is required to be announced via a Regulatory Information Service under the AIM Rules for Companies.
14 December 2020
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
Jason Tebb Commences Role as Chief Executive Officer
Grant of Options
Commencement of Role as Chief Executive Officer
Further to the announcement made on 1 September 2020, OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, is pleased to confirm that Jason Tebb has now joined the Company and the Board as Chief Executive Officer ("CEO"). Clive Beattie, who has been Acting CEO in addition to his role as Chief Financial Officer ("CFO"), will resume his role as CFO.
As announced in September, Jason brings extensive property and estate agency experience across digital and physical markets, having been Group COO of Ultimate Holdings for the last three years, a group of companies, specialising in property investment and finance, property management, property development and property technology. Prior to this, Jason successfully launched, scaled and exited Ivy Gate, an estate and letting agency, was a Regional Managing Director at Main Market listed LSL Property Services PLC for three years and held senior management positions at agents Chestertons and Foxtons.
Grant of Options
The Company also announces that it has granted options ("Options") pursuant to the Company's Long Term Investment Plan on 14 December 2020 over 379,249 ordinary shares of £0.002 in the Company to Jason Tebb in connection with his appointment.
The Options will vest on 14 December 2023, with a further two year holding period following the vesting date before the Options are capable of exercise. All the Options have a nil exercise price and are subject to performance conditions based on the total shareholder return achieved by the Company relative to the FTSE AIM 100 Index in the three years prior to the relevant vesting date.
The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation, and set out more details of the transactions.
1. | Details of PDMR | |
(a) | Name | 1. Jason Tebb
|
2. | Reason for notification | |
(b) | Position / status | 1. Chief Executive Officer
|
(c) | Initial notification / amendment | Initial notification |
3. | Details of the Issuer | |
(a) | Name | OnTheMarket plc |
(b) | LEI | 213800UNVSN2LXD4W113
|
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) have been conducted | |
(a) | Description of the financial instrument | Ordinary shares of 0.2p each in the capital of the Company ("Shares") |
(b) | Nature of the transaction | Grant of options to acquire Shares pursuant to the Company's Long Term Investment Plan |
(c) | Price(s) and volume | Option price nil, volume 379,249 options |
(d) | Aggregated information | N/A |
(e) | Date of the transaction | 14 December 2020 |
(f) | Place of the transaction | Outside a trading venue |
Further information in accordance with the AIM Rules
The names of all companies of which Jason Roy Tebb (45) is or has been a director at any time in the previous five years are set out below.
Current directorships and partnerships
| Past directorships and partnerships |
None | Go-Develop Group Limited Ivy Gate Property Group Limited Ivy Gate Students Limited |
There are no other disclosures required to be announced further to paragraph (g) of Schedule 2 to the AIM Rules.
ENDS
For further information, please contact:
OnTheMarket Jason Tebb, Chief Executive Officer Clive Beattie, Chief Financial Officer
| 0207 353 4200 |
Tulchan Communications James Macey White Giles Kernick Sophie Duckworth
| 0207 353 4200 |
Zeus Capital (Nominated Adviser/Joint Broker) Jamie Peel, Martin Green, Daniel Harris (Corporate Finance) John Goold, Benjamin Robertson (Broking)
| 0203 823 5000 |
Shore Capital (Joint Broker) Daniel Bush, John More (Corporate Finance) Fiona Conroy (Corporate Broking)
| 0207 408 4090 |
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.
With almost 3,800 estate and letting agents as shareholders, or under contract to become shareholders, operating 6,800 offices, 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.