3 May 2022 07:00
3 May 2022
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
Notice of General Meeting
OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, today announces that a General Meeting of the Company will be held at 33 St James's Square, London SW1Y 4JS on 26 May 2022 at 2pm.
The General Meeting is being held to seek shareholder approval for a proposed cancellation of capital that, if approved by shareholders at the General Meeting and by the courts, would create additional distributable reserves within the Company. These additional distributable reserves would provide the Company with greater flexibility to pay dividends to shareholders and/or introduce a share buyback programme, should the Board consider it appropriate in the future.
Hard copies of a circular outlining the proposal and the actions required will be posted today to shareholders who elected to receive these. Electronic copies are available on the Company's website at https://plc.onthemarket.com within the Investors section. The expected timetable in relation to the proposal is:
Latest time and date for receipt of Forms of Proxy or CREST Proxy Instruction: | 14:00 on 24 May 2022 |
Date of General Meeting: | 14:00 on 26 May 2022 |
Expected date for final hearing and confirmation of the cancellation by the Court: | 21 June 2022 |
Expected date that the cancellation becomes effective: | 7 July 2022 |
ENDS
For further information, please contact:
OnTheMarket Clive Beattie, Chief Financial Officer | 0207 353 4200 |
Tulchan Communications Giles Kernick Oliver Norgate
|
0207 353 4200
|
Zeus (Nominated Adviser and Joint Broker) Jamie Peel, Martin Green, James Hornigold (Investment Banking) Benjamin Robertson (Corporate Broking)
Shore Capital (Joint Broker) Daniel Bush, John More (Corporate Finance) Fiona Conroy (Corporate Broking) |
0203 829 5000
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.
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 'Only With Us' properties which are either exclusive properties advertised at OnTheMarket.com by customers who do not list their properties with either Rightmove or Zoopla, or properties listed 24 hours or more before agents release these properties to Rightmove or Zoopla.