OnTheMarket plc (LON:OTMP), the agent-backed company which operates the OnTheMarket.com property portal, today announced that an application has been made to the London Stock Exchange for admission of securities in respect of 220,319 ordinary shares of 0.2 pence each.
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 4 April 2019.
Following admission, the total number of ordinary shares and voting rights in the Company will be 62,037,247. 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.
The agent-backed company which operates the OnTheMarket.com property portal, is the third biggest UK residential property portal provider in terms of traffic. It aims to deliver a market-leading, agent-backed alternative to Rightmove and Zoopla, offering a first-class service to agents at sustainably fair prices and becoming the go-to portal for serious property-seekers.
The company was admitted to AIM in February 2018 with £30 million in new capital in order to support a new growth strategy for the business.
In January 2019, OnTheMarket delivered more than 7 times as many phone and email leads and 4 times the number of visits to its portal compared with February 2018, the month of the Company’s admission to AIM. The portal’s traffic in January exceeded 23.5 million visits*, a new monthly record.
At its IPO in February 2018, OTMP was 70% owned by over two thousand agent firms.
With backing from its agent owners, OnTheMarket has developed unique sources of competitive advantage such as the thousands of “New & exclusive” property listings it receives every month from its agents to display 24 hours or more before they are on Rightmove or Zoopla.