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 1,031,544 ordinary shares of 0.2 pence each.
These New Ordinary Shares have been issued to certain new agents following them having earlier signed 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 August 2019.
Following admission, the total number of ordinary shares and voting rights in the Company will be 63,746,913. 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.
OnTheMarket plc, 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.
At its IPO in February 2018, OnTheMarket 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.