21 Dec 2018 16:58
OnTheMarket plc
("OnTheMarket" or the "Company")
Issue of Equity and Total Voting Rights
OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com property portal, today announces that an application has been made to the London Stock Exchange for admission of securities in respect of 125,937 ordinary shares of 0.2 pence each ("New Ordinary Shares") to be admitted to trading on AIM.
These New Ordinary Shares have been issued to certain new agents in return for signing new long-term listing agreements in accordance with the strategy set out in the admission document published on 26 January 2018. It is expected that admission will become effective on 2 January 2019.
Following admission, the total number of ordinary shares and voting rights in the Company will be 61,493,611. The Company does not hold any shares in treasury.
The above figure 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.
For further information, please contact:
OnTheMarket | 0207 930 0777 |
Ian Springett, CEO | |
Clive Beattie, CFO |
|
TB Cardew (Financial PR adviser) | 0207 930 0777 / onthemarket@tbcardew.com |
Ed Orlebar | 07738 724 630 |
Tom Allison | 07789 998 020
|
Zeus Capital (Nominated Adviser/Joint Broker) | 0203 829 5000 |
Martin Green, Jamie Peel, Pippa Hamnett (Corporate Finance) | |
Benjamin Robertson, John Goold (Broking) |
|
Stockdale Securities (Joint Broker) | 0207 601 6100 |
Daniel Harris, Rose Ramsden |
Background on OnTheMarket:
Launched in January 2015, the OnTheMarket.com property portal was created by Agents' Mutual Limited, a company limited by guarantee and founded in January 2013 by a small group of agent firms, with the objective of creating a new portal to challenge the dominance of Rightmove and Zoopla. Both groups were felt to be using their strong positions relative to their agent customers to impose significant price increases for their portal services.
The Agents' Mutual proposition of an agent-backed portal offering a premier search service to property-seekers whilst charging fair prices to agents quickly found support among a very wide group of leading independent agents across the UK. These firms funded the venture by way of loan note subscriptions and committed to list with the portal once it went live.
OnTheMarket is the third biggest UK residential property portal provider in terms of traffic and has, with backing from its agent owners, developed unique sources of competitive advantage such as the "New and Exclusive" property listings.
OnTheMarket plc was admitted to AIM on Friday 9 February 2018 alongside a capital raise of £30 million to support a new growth strategy for the business.